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.
Please read the rest of the Article on Cure Period Notices << click
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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.
James - it sounds like this law could throw many a monkey wrench into someone's moving plans. i can't imagine having a mover scheduled for a certain day & time to move into my new home and having to stop the whole process due to a delay in contract on one side or the other. What a nightmare.
Great post, James.
James, Virginia is a trust state as well - the lenders certainly have the edge when it comes to foreclosure or default, Karen
James, I disagree that the Cure Period Notice extends all deadlines by three days. In several areas of our contract, there are penalties for not meeting the deadline. One example is the 10-day inspection period. If the buyers don't request repairs by the end of the 10th day, the Seller is not required to issue a CPN. Rather, the buyer must accept the property as-is.
The CPN is only required when it comes to potential breaches of the contract. I rather like this policy because it gives buyers and sellers a chance to make things happen instead of a contract automatically falling apart. And regarding the buyer not closing escrow on time... A savvy Seller's Agent will issue the CPN 3 days prior when the buyer fails to sign closing documents 3 days before COE as stipulated in the contract. That way they can declare a default for the failure to sign rather than having to wait past the expected COE date.
Robin -
You are absolutely correct and I appreciate you pointing out the fact , that
Cure period notices only apply to breach of contract.
thank you for the comment.
- james