SPDS And The Tucson Home Inspection Process
SPDS Are Required To Be Prepared By A Tucson Home Seller
Seller’s Property Disclosure Statement – SPDS is prepared by the Seller of a Tucson home. SPDS are required by the Arizona Department of Real Estate. Tucson Home Inspection Process is initiated by the Buyer of your home. Upon acceptance of the Offer to Purchase between Buyer and Seller, the Buyer will start their “due diligence” process. The Buyer usually has 10 days in which to complete the Tucson Home inspection.
Every Tucson home seller is required to complete the “Sellers Property Disclosure Statement” – SPDS. Sellers are obligated to disclose all known material facts about the property in the SPDS. This is one time when TMI (Too Much Information) doesn’t apply. The more information on the SPDS the better.
Disclosure helps to protect the Seller from a future claim by the Buyer. The SPDS should identify any issues before the home is inspected. The SPDS should be provided to the Buyer as soon as a purchase offer is accepted. Tucson Home Inspection Report will be prepared by the Home Inspector. The report will describe the condition of home.
A Home Inspection Covers
A Tucson Home Inspection report covers the roof, heating and A/C systems, electrical and other aspects of the home. The Tucson Home Inspection Report is given to the Buyer. The Buyer uses the report to decide whether of not the home’s condition is acceptable. Based on the Tucson home inspection report the Buyer will usually identify conditions they want the Seller to repair.
The Buyer’s agent will prepare a “Buyer Inspection Notice and Sellers Response” – BINSR. The BINSR will identify what items you, as the Seller, are requested to repair. Repairs may be a condition of completing the process of purchasing your home.
The Seller now has THREE (3) options:
1 – Agree to make all requested repairs and proceed with the sale.
2 – Agree to make some, but not all, of the requested repairs.
3 – Refuse to make any repairs.
If you elect Option #1, you are essentially done.
You make the repairs agreed to before Close of Escrow and provide the Buyers receipts for the completed work.
If you should elect either Option #2 or #3 –
The Buyer now has TWO (2) options
1 – Cancel the contract and have their earnest money returned.
2 – Accept your response and proceed with the purchase. While this process sounds complicated it is actually fairly straight forward. The purchase contract sets forth the time-lines (they can be modified) and clearly sets the options for both the Seller and Buyer.
We are, of course, there to explain and review the options available at each set in the process. We will prepare a “Repair Addendum” listing the requested repairs.
When signed, we will forward it to the Seller’s agent.
Other Inspections To Consider
Should the property have a septic system a Tucson Septic Inspection will be required.
Questions about the Tucson Real Estate Market, Tucson Homes for Sale or Tucson Home Inspection process? Call Us 866 316 5575 OR complete the CONTACT FORM and we will get right back to you!