Buyer submits a Residential Buyer’s Inspection Notice and Seller’s Response (BINSR) requesting a credit in lieu of repairs. Seller’s agent explains to buyer’s agent that the BINSR is improper and should not serve as a tool to negotiate price. Seller’s agent then encourages buyer to submit a revised BINSR identifying items disapproved and, if desired, submit an addendum asking to lower the purchase price. Buyer agrees, but does not submit the corrected BINSR until 12 days after contract acceptance, which is two days after the end of the inspection period.
Is buyer’s late BINSR valid and if not, must seller submit a Cure Period Notice in order to recover the earnest money deposit?
Since buyer’s corrected BINSR was submitted late, it was not valid. In fact, the situation is akin to buyer having entirely failed to submit a BINSR. Under such circumstances, the buyer is obligated to proceed with the transaction and the cure notice discussed on lines 268-272 of AAR’s Residential Resale Real Estate Purchase Contract does not come into play.