Recent Mesa Arizona Probate Transaction for Quick Cash Goes South - Can A Seller Cancel a Transaction Unilaterally after the Buyer makes repair requests?
Oh, the advice some folks give their clients and the damage improper advice causes. Recently, I was involved in a transaction that fell apart after we found out that a long distance seller was being improperly advised to cancel a contract based upon our request for the seller to make repairs. It was feared that there would be a lawsuit filed by my client after the close of escrow regarding duties to disclose.
Here is what I found out as to how things are viewed in Arizona: If a buyer submits a request for repairs during the inspection period and the seller does not agree to make the repairs, the buyer has 5 days to cancel the contract and receive their earnest money. Beyond the 5th day, the buyer no longer has the ability to use the inspection period repair request as a means to cancel the contract. The seller remains obligated to continue on in the contract unless the buyer commits a material breach.
The seller then sent over an addendum to the contract, out of fear of a lawsuit occuring post-closing stating that they would like to cancel the contract. Although my client didn't execute the addendum, the addendum was submitted to the escrow company as if this Mesa AZ home purchased quick for cash during the probate process was now a cancelable transaction. Here is what we found out:
1. A Seller Cannot Cancel The Contract if the Buyer Does Not Sign The BINSR
2. An Unsigned Addendum Does Not Alter The Enforceability Of The Underlying Contract
So, be careful of the advice that you receive when it comes to these two issues. Seek the advice of a true professional that can direct you properly so you don't find yourself being led down the wrong path. When in doubt, always contact and consult with an attorney. If you want to just enter into a we buy or sell your Mesa AZ fast cash for houses ugly or probate or even Chandler Gilbert and Tempe fix up or outdated home and you want to use the formula to determine what a quick Arizona sale can bring in less than 24 hours click here.
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