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Arizona Real Estate Purchase Contract Changing

Posted By Wally Reule @ Jan 25th 2017 5:07pm In: Sedona Real Estate Market News

Jan and I attended a couple of continuing education classes yesterday, and one of them was on the new new official real estate contract that will take effect on February 1. There are quite a few small changes that will serve to make the contract more clear, but there is one major change. That is that all seller warranties have been removed from the contract, which essentially means that homes are being sold "as is". However, to be more precise, the condition of the home must be the same as it was when the contract was accepted. It is now the buyer's responsibility to make sure that things are as they should be on their final pre-closing walk through. If it's not flagged at that time, too bad. This doesn't relieve the seller from the need to disclose any material conditions that could influence the sale, but it does make the buyer want to be more thorough on the walk through.

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