What’s a Cure Notice?… Arizona home sellers need to know

April 20, 2008

Here in Phoenix, Arizona , in many ways, is a unique State when it comes to buying real estate and selling real estate.

we have Deeds of Trusts, not mortgages,

10-day inspection with full cancellation provision refunding all buyer’s earnest monies to seller,

automatic loan contingency (unless removed in writing) fully refunding buyer’s earnest money should buyers not obtain a loan without contingencies

and a “3-day Cure” notice… which gives both parties the right to give the other a “3 Day Cure Notice” prior to declaring a breach of contract

what that means to you is that there is , in a sense, essentially, an automatic 3-day extension to virtually all dates and times for all periods in the real estate contract.

for example, if the closing is supposed to occur on our before, May 1st, and the buyer does not close escrow, the seller cannot issue a ‘cure notice’ until May 2nd , notifying the buyer of the Breach and providing the buyer 3 days to comply with the notice.

Home buyers and seller’s in Phoenix, Scottsdale, Peoria, Glendale, Paradise Valley, Desert Ridge, and golf communities of DC Ranch, Desert Mountain and all the towns of Maricopa County…

need to be aware of what I call and automatic extension in the Arizona Association of Realtors ( AAR) purchase contract as it can cause delays and problems for time frames outlined.

I recommend to many of my sellers that in a counter-offer to reduce all cure-period notices to 1-day to prevent unnecessary delays. (I do not suggest completely removing notices, as it is beneficial allow buyers and sellers to rectify and comply, as often times parties do not realize they are in breach)

there are circumstances where this is not appropriate, so please consult your personal advisers and real estate professional to advise you what is best for your situation.

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Copyright © 2008 By James Wexler, All Rights Reserved. *What’s a Cure Notice?… Arizona home sellers need to know*

Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.

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Written by James Wexler · Filed Under Articles, Buyers, Sellers 

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