Is The New Contract A Big Deal

Dated: 01/26/2017

Views: 1268

New Contract? What’s The Big Deal?

If Your Agent Doesn't Understand the Changes, It Is A Big Deal...

So you’ve decided it’s time to get off the fence and purchase a home!  For some, it’s a matter of Excitement and Anticipation, while to others it’s a time of Fear and Trepidation.  Well, if you’re looking in Arizona, your experience may lend to the latter if your Agent isn’t prepared!

                That’s right…the Residential Purchase Contract in the State of Arizona has some HUGE changes effective February 1st, and you’ll want to make sure you, as well as your agent, have a very clear understanding of that before you submit or accept any offers. For now, let’s take a look at one of the biggest changes to the contract:  Warranted Items.  Until recently, Arizona has provided a Warranted Items element to their contract, meaning that you can rightfully expect that important, high dollar items to be covered:

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                And all of this changes for any purchase not under contract before Midnight on February 1st.  At that golden moment of time selected by the Arizona Department of Real Estate, the updated and improved Residential Purchase Contract takes effect, making some excellent changes for those Agents that prepared themselves in advance.  Bear in mind, I believe this new contract has some fantastic changes, but it can leave you as the client unprotected in the hands of the less informed Agent. 

You see, the new contract scraps everything we’ve understood in the way of warranted items, and reverts the Residential Purchase Contract to what is referred to as an “As Is” contract.Image title

 What this means for you is that no assumptions can be made to the condition of the home; an attitude of “what you see is what you get” is going to become closer to the standard where sellers previously held an obligation to ensure that the property was in functional condition unless a specific As Is Addendum were provided as attachment to any offers.

As both Buyer and Seller, the process for getting a Home Inspection and negotiating on repairs and cash in lieu of repairs has not changed, but if the offer has not been prepared correctly, or not explained to the seller adequately, it may leave you at risk.  Be certain that you are working with an Agent who has taken the time to study the contract in great depth, and most importantly, Have Fun Finding Your New Home!!!

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About the Author: Jeremy Bridwell, The Realty Geek, is a Licensed Real Estate Agent in the State of Arizona, working under the brokerage Weichert Realtors, Home Pro Realty in Gilbert, AZ.  As a native to the Greater Phoenix Area, he has a keen knowledge of the area, and knows the best places to hunt down what you are looking for with ease. And with strong ties in both Residential Resale and in New Home Sales, Jeremy Bridwell has a unique understanding of all options in Residential Real Estate. To See Available Homes, Visit www.TheRealtyGeek.net now!

Areas Served:  Chandler | Gilbert | Mesa | Apache Junction| Queen Creek | San Tan Valley | Tempe | Ahwatukee | Phoenix |

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Aaron Stradling

Aaron Stradling is a native of Arizona. Having been born and raised in the valley, Aaron knows what is unique and special about the area. His background in real estate began at an early age with his f....

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