the previous 20 days;

· A provision for the Seller to Provide the Buyer with a Seller’s Property Disclosure Statement (SPDS) to disclose “known” defects;

· The requirement of a property appraisals for financing;

· A provision that gives both parties the right to give the other a "3 Day Cure Notice" prior to declaring a breach of contract;

· The ability to cancel the contract if the other party is in breach or has not performed to the terms of the contract during the “cure” period;

· A provision for med

Arizona has been hot in more ways than one. Not only has the temperature always been high, in recent years real estate has been hot as well. For several decades demand for housing has increased at a steady rate because of the significant influx of people moving there. Over the last two years investors discovered the Phoenix metropolitan area and prices, like so many places in the country went through the roof. Traditionally, around 18% of the transactions may have involved an investor. In recent history that number has been closer to 40%. A corollary is that these investors were from other states. Local investors and many move-up buyers were sidelined because of the bidding wars that were occurring in that hot market.

The good news is the market has cooled and now could be a great time to consider buying in the Phoenix area. There is an excessive inventory and prices have been moderating for the past 6 months. Sellers are more negotiable and yet, from a long-term perspective, Arizona still has growth potential that has supported real estate appreciation that was - and will be significantly higher than other parts of the country in coming years.

If your purchase is a resale home rather than a new one, the Arizona Association of Realtors? (AAR) approved contract will be used as the agreement between yourself and the Seller. This document and several others have been drafted and modified over the years to provide built in protections for both parties. The AAR Residential Purchase Agreement includes the following to serve as safeguards both parties:

· 10 Day Inspection Period during which the Buyer may have numerous inspections performed by specialists;

· A 5 Day Response Time during which the Seller is given the opportunity to correct issues which may be discovered during the inspections;

· A 5 Day period during which the Buyer can decide to continue with the transaction based on all the information collected during the inspection period and the Seller's 5 Day response time. The Buyer "at his sole discretion" may decide to cancel the contract based on information gained during the previous 20 days;

· A provision for the Seller to Provide the Buyer with a Seller’s Property Disclosure Statement (SPDS) to disclose “known” defects;

· The requirement of a property appraisals for financing;

· A provision that gives both parties the right to give the other a "3 Day Cure Notice" prior to declaring a breach of contract;

· The ability to cancel the contract if the other party is in breach or has not performed to the terms of the contract during the “cure” period;

· A provision for med

ser to 40%. A corollary is that these investors were from other states. Local investors and many move-up buyers were sidelined because of the bidding wars that were occurring in that hot market.

The good news is the market has cooled and now could be a great time to consider buying in the Phoenix area. There is an excessive inventory and prices have been moderating for the past 6 months. Sellers are more negotiable and yet, from a long-term perspective, Arizona still has growth potential that has supported real estate appreciation that was - and will be significantly higher than other parts of the country in coming years.

If your purchase is a resale home rather than a new one, the Arizona Association of Realtors? (AAR) approved contract will be used as the agreement between yourself and the Seller. This document and several others have been drafted and modified over the years to provide built in protections for both parties. The AAR Residential Purchase Agreement includes the following to serve as safeguards both parties:

· 10 Day Inspection Period during which the Buyer may have numerous inspections performed by specialists;

· A 5 Day Response Time during which the Seller is given the opportunity to correct issues which may be discovered during the inspections;

· A 5 Day period during which the Buyer can decide to continue with the transaction based on all the information collected during the inspection period and the Seller's 5 Day response time. The Buyer "at his sole discretion" may decide to cancel the contract based on information gained during the previous 20 days;

· A provision for the Seller to Provide the Buyer with a Seller’s Property Disclosure Statement (SPDS) to disclose “known” defects;

· The requirement of a property appraisals for financing;

· A provision that gives both parties the right to give the other a "3 Day Cure Notice" prior to declaring a breach of contract;

· The ability to cancel the contract if the other party is in breach or has not performed to the terms of the contract during the “cure” period;

· A provision for med

eciation that was - and will be significantly higher than other parts of the country in coming years.

If your purchase is a resale home rather than a new one, the Arizona Association of Realtors? (AAR) approved contract will be used as the agreement between yourself and the Seller. This document and several others have been drafted and modified over the years to provide built in protections for both parties. The AAR Residential Purchase Agreement includes the following to serve as safeguards both parties:

· 10 Day Inspection Period during which the Buyer may have numerous inspections performed by specialists;

· A 5 Day Response Time during which the Seller is given the opportunity to correct issues which may be discovered during the inspections;

· A 5 Day period during which the Buyer can decide to continue with the transaction based on all the information collected during the inspection period and the Seller's 5 Day response time. The Buyer "at his sole discretion" may decide to cancel the contract based on information gained during the previous 20 days;

· A provision for the Seller to Provide the Buyer with a Seller’s Property Disclosure Statement (SPDS) to disclose “known” defects;

· The requirement of a property appraisals for financing;

· A provision that gives both parties the right to give the other a "3 Day Cure Notice" prior to declaring a breach of contract;

· The ability to cancel the contract if the other party is in breach or has not performed to the terms of the contract during the “cure” period;

· A provision for med

ection Period during which the Buyer may have numerous inspections performed by specialists;

· A 5 Day Response Time during which the Seller is given the opportunity to correct issues which may be discovered during the inspections;

· A 5 Day period during which the Buyer can decide to continue with the transaction based on all the information collected during the inspection period and the Seller's 5 Day response time. The Buyer "at his sole discretion" may decide to cancel the contract based on information gained during the previous 20 days;

· A provision for the Seller to Provide the Buyer with a Seller’s Property Disclosure Statement (SPDS) to disclose “known” defects;

· The requirement of a property appraisals for financing;

· A provision that gives both parties the right to give the other a "3 Day Cure Notice" prior to declaring a breach of contract;

· The ability to cancel the contract if the other party is in breach or has not performed to the terms of the contract during the “cure” period;

· A provision for med

the previous 20 days;

· A provision for the Seller to Provide the Buyer with a Seller’s Property Disclosure Statement (SPDS) to disclose “known” defects;

· The requirement of a property appraisals for financing;

· A provision that gives both parties the right to give the other a "3 Day Cure Notice" prior to declaring a breach of contract;

· The ability to cancel the contract if the other party is in breach or has not performed to the terms of the contract during the “cure” period;

· A provision for mediation of conflicts as an option to legal action;

· A provision for a Final Walk-Through to allow the Buyer access to the home to verify the property is in substantially the same condition as when originally was viewed before the original offer was made. The Buyer also can verify at that time everything the Seller may have agreed to do has been done.

A normal transaction in Arizona has other supporting documents that are used routinely to ensure both parties are treated fairly:

The SPDS mentioned above;

A Preliminary Title Report describing the technicalities of the particular property;

An Agency Disclosure so that all parties know who the agent is working for; The Buyers Advisory, a catch-all that informs the Buyer as to where additional information may be found.

The process in Arizona is one that makes every effort to ensure the Buyer is receiving what he contracted for and the Seller is receiving in exchange what he expects. Unfortunately, Agreements are only as dependable as the parties making the agreement. The sale and purchase of a home is distressful for both parties regardless of the safeguards. To minimize the distress, it is beneficial to use the AAR Residential Purchase Contract as the controlling document. It’s equally important to have someone who is competent and representing your interests to draft the agreement. It’s a good reason to call a REALTOR? to represent your interests in the transaction.