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Arizona Real Estate Law
by Christopher A. Combs
The following is for informational purposes
only and is not intended as definitive legal or tax advice. You
should not act upon this information without seeking independent
legal counsel. If you desire legal, tax or other professional advice,
please contact your attorney, tax advisor or other professional
consultant.
Seller Cannot "Back Out" or Cancel Purchase Contract
Question: My understanding is that in Arizona a buyer of a home has ten days after signing the purchase contract to back out of the transaction. I was wondering, however, does the seller have a similar right to back out of the transaction?
Answer: A seller of a home typically only has to deliver a deed and receive a check at the closing for the sales price. Although a seller can have a contingency in the purchase contract, for example, approval of the purchase contract by an attorney within three days, in most purchase contracts the seller has no contingencies and no right "to back out of a deal" under any circumstances after the purchase contract is executed. On the other hand, the buyer has numerous contingencies in the standard residential resale purchase contract such as qualifying for financing, approval of the title report, and approval of the inspections and investigations during the ten-day inspection period. This ten-day inspection period is not a ten-day "free look," however, in that the buyer must act in good faith and furnish a reason, for example, roof is in poor condition, in order to cancel the purchase contract.
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