Under the current AAR Buyer Advisory, at a brokerage meeting in Chandler, a buyer assumes the Arizona Buyer Advisory is a guarantee that every due-diligence issue has already been verified by the broker. What should the parties assume under current Arizona rules?
Correct Answer
D) the Buyer Advisory is an informational due-diligence tool, not a warranty that all property issues have been checked
Under current AAR Buyer Advisory, the Buyer Advisory is an informational due-diligence tool, not a warranty that all property issues have been checked.
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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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Under the current AAR Buyer Advisory, during an Arizona file audit in Yavapai County, a buyer assumes the Arizona Buyer Advisory is a guarantee that every due-diligence issue has already been verified by the broker. What should the parties assume under current Arizona rules?
- → In a Goodyear transaction review, a salesperson wonders whether all issues belong inside the core purchase contract body even when a specialized addendum exists. What is the best answer under current Arizona law or current Arizona form practice?
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After an Arizona buyer completes inspections, the buyer delivers an AAR Buyer’s Inspection Notice and Seller’s Response. What function does the form serve in the transaction?