Agent Sarah is completing an AAR Purchase Contract for her buyer client. The property has a well, and the buyer wants to ensure the water quality meets health standards. Which AAR addendum should Sarah recommend to address this concern?
Correct Answer
A) Water Well Addendum
The Water Well Addendum is specifically designed to address water quality testing and well-related issues in Arizona real estate transactions. Option B covers general property conditions but not specific well testing. Option C addresses environmental hazards but not routine water quality testing. Option D covers general inspections but lacks the specific well testing provisions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
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In a licensing seminar in Peoria, a salesperson wonders whether all issues belong inside the core purchase contract body even when a specialized addendum exists. Which statement is most accurate under current Arizona rules?
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In the AAR Residential Purchase Contract, what does the term 'Close of Escrow' specifically refer to?