FACTS:

Client currently resides out of the county but is interested in purchasing a vacant land parcel. The prospective purchaser is considering buying the parcel sight unseen.

ISSUE:

Would the prospective buyer have a six-month rescission right as a result of purchasing the property sight unseen?

ANSWER:

See Discussion.

DISCUSSION:

If the parcel at issue is either: (1) an unimproved subdivided lot, or (2) “unsubdivided lands”, as those terms are defined by statute, a buyer who purchases the property sight unseen may inspect the property and unilaterally rescind the sale within six months after the date of the purchase contract. See A.R.S. § 32-2195.04(E) (applicable to unsubdivided lands), A.R.S. § 32-2185.01(E) (applicable to unimproved subdivided lots or parcels). Please note that not all vacant parcels qualify as unimproved subdivided lots or unsubdivided lands. The AAR Vacant Land/Lot Purchase Contract Addendum Regarding Subdivided or Unsubdivided Land (08/07) outlines the buyer recession right at lines 20-26.

Arizona REALTOR® Magazine – October 2012