The buyer and seller executed the October 2022 version of the Arizona REALTORS® Residential Resale Purchase Contract (the “Contract”). Based on the home inspection, the buyer timely submitted a BINSR, which identified seven items that were disapproved as allowed in the Contract. However, instead of asking the seller to repair the items disapproved, she asked for a $3,000 seller credit towards closing costs in escrow.
Is the BINSR effective even though the buyer asked for a credit rather than repairs?
In October 2022, the Contract and BINSR were revised to, among other things, eliminate the requirement that the buyer can only ask for seller repairs rather than a credit. As such, the buyer preserved the inspection contingency by identifying the items disapproved and asking for a credit. Pursuant to Section 6j of the Contract, the seller has five days to respond to the request for a credit made in the BINSR.