Comments on: Contract Question of the Week: Inspection Period Length http://www.phoenixrealestateguy.com/contract-question-of-the-week-inspection-period-length/ Phoenix Real Estate -- Anything and everything about it. Plus random musings... Now with Phoenix area MLS Listings Search! Sat, 21 Nov 2009 14:25:35 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: StevenTaylor http://www.phoenixrealestateguy.com/contract-question-of-the-week-inspection-period-length/#comment-58217 StevenTaylor Tue, 28 Jul 2009 11:16:54 +0000 http://www.buygilberthomes.com/contract-question-of-the-week-inspection-period-length/#comment-58217 You have to answer the questions if you are asked, but you are not obligated to tell on your oown initiative. Hope I have cleared some things about your issue. <br>__________________________________________<br><a rel="follow" href="http://www.austinhomeinspectors.org" rel="nofollow">Austin Home Inspection</a> You have to answer the questions if you are asked, but you are not obligated to tell on your oown initiative. Hope I have cleared some things about your issue.
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Austin Home Inspection

]]> By: Jay - The Phoenix Real Estate Guy http://www.phoenixrealestateguy.com/contract-question-of-the-week-inspection-period-length/#comment-15707 Jay - The Phoenix Real Estate Guy Tue, 10 Jul 2007 04:56:09 +0000 http://www.buygilberthomes.com/contract-question-of-the-week-inspection-period-length/#comment-15707 Schneider - Great question! The response turned into it's own post. You can find it here: http://www.phoenixrealestateguy.com/inspection-period-how-do-i-count-the-days/406 Schneider – Great question! The response turned into it’s own post. You can find it here:

http://www.phoenixrealestateguy.com/inspection-period-how-do-i-count-the-days/406

]]> By: Inspection Period: How Do I Count the Days? at The Phoenix Real Estate Guy http://www.phoenixrealestateguy.com/contract-question-of-the-week-inspection-period-length/#comment-15706 Inspection Period: How Do I Count the Days? at The Phoenix Real Estate Guy Tue, 10 Jul 2007 04:54:45 +0000 http://www.buygilberthomes.com/contract-question-of-the-week-inspection-period-length/#comment-15706 [...] in September, we penned a "Contract Question of the Week" post on the length of the inspection period. If I'm not mistaken, it was our ONLY [...] [...] in September, we penned a "Contract Question of the Week" post on the length of the inspection period. If I'm not mistaken, it was our ONLY [...]

]]> By: Schneider http://www.phoenixrealestateguy.com/contract-question-of-the-week-inspection-period-length/#comment-15694 Schneider Mon, 09 Jul 2007 17:14:31 +0000 http://www.buygilberthomes.com/contract-question-of-the-week-inspection-period-length/#comment-15694 When does the count start for the inspection period? Is day 1 the date the Agreement is signed? Or, is that day 0? So if you sign the contract at 9am on August 1, is the inspection period over on August 10 or August 11? And is it midnight of that day? When does the count start for the inspection period? Is day 1 the date the Agreement is signed? Or, is that day 0? So if you sign the contract at 9am on August 1, is the inspection period over on August 10 or August 11? And is it midnight of that day?

]]> By: Contract Q&A - Insurance Disclosure (CLUE Report) at The Phoenix Real Estate Guy http://www.phoenixrealestateguy.com/contract-question-of-the-week-inspection-period-length/#comment-10926 Contract Q&A - Insurance Disclosure (CLUE Report) at The Phoenix Real Estate Guy Fri, 13 Oct 2006 06:15:01 +0000 http://www.buygilberthomes.com/contract-question-of-the-week-inspection-period-length/#comment-10926 [...] Some key things to note: The required insurance claims disclosure is often referred to as a CLUE Report (Comprehensive Loss Underwriting Exchange). In a nutshell, the report is a history of any insurance claims made on the home. Lenders like to see it, and buyers like to see it, and insurers will almost certainly require it. Claim history is one indicator of home condition, and there is a strong correlation between previous claims and probability of future claims. Here is a good FAQ on what a CLUE report is. The contract says the “Seller shall deliver a written five-year insurance claims history…” Thats a short sentence packed full of important words. It doesn’t say the seller “should” or “can”, it says the seller “shall“. That means Mr. Seller has no choice. Failure to deliver the history can result in a sellers breech of contract. It says the history must be written, and cover the past five years (or length of ownership if less than five years). A “history” means a complete history. The seller can not pick and chose which claims to include or exclude. The seller has to provide a full claims history. The history is due five days after contract acceptance. That isn’t five business days, that’s five calendar days. Insurance companies can be slow sometimes. Mr. Seller can not drag his feet in getting the claims history. The claim history can come from either the sellers insurance company, or from third party agencies that produce these reports. (see ChoiceTrust for one on-line source. $19.95 for a complete report that’s readily accepted in Arizona, and I suspect anywhere else.) There is a provision in the contract language allowing the seller to provide the information, if it’s not available from another source. But trust me, you don’t want to go down that road. Call your insurance company (most provide statements free of charge, or at minimal cost). Or cut loose with the 20 bucks to get one from ChoiceTrust. Don’t do it too early though as the buyer is going to want to see a current report. Finally, the buyer has at least five days after receipt of the report to disapprove any items. It is possible for a buyer to get out of the contract during the inspection period for items they disapprove of in the CLUE report. [...] [...] Some key things to note: The required insurance claims disclosure is often referred to as a CLUE Report (Comprehensive Loss Underwriting Exchange). In a nutshell, the report is a history of any insurance claims made on the home. Lenders like to see it, and buyers like to see it, and insurers will almost certainly require it. Claim history is one indicator of home condition, and there is a strong correlation between previous claims and probability of future claims. Here is a good FAQ on what a CLUE report is. The contract says the “Seller shall deliver a written five-year insurance claims history…” Thats a short sentence packed full of important words. It doesn’t say the seller “should” or “can”, it says the seller “shall“. That means Mr. Seller has no choice. Failure to deliver the history can result in a sellers breech of contract. It says the history must be written, and cover the past five years (or length of ownership if less than five years). A “history” means a complete history. The seller can not pick and chose which claims to include or exclude. The seller has to provide a full claims history. The history is due five days after contract acceptance. That isn’t five business days, that’s five calendar days. Insurance companies can be slow sometimes. Mr. Seller can not drag his feet in getting the claims history. The claim history can come from either the sellers insurance company, or from third party agencies that produce these reports. (see ChoiceTrust for one on-line source. $19.95 for a complete report that’s readily accepted in Arizona, and I suspect anywhere else.) There is a provision in the contract language allowing the seller to provide the information, if it’s not available from another source. But trust me, you don’t want to go down that road. Call your insurance company (most provide statements free of charge, or at minimal cost). Or cut loose with the 20 bucks to get one from ChoiceTrust. Don’t do it too early though as the buyer is going to want to see a current report. Finally, the buyer has at least five days after receipt of the report to disapprove any items. It is possible for a buyer to get out of the contract during the inspection period for items they disapprove of in the CLUE report. [...]

]]> By: The Phoenix Real Estate Guy http://www.phoenixrealestateguy.com/contract-question-of-the-week-inspection-period-length/#comment-10095 The Phoenix Real Estate Guy Sat, 30 Sep 2006 06:46:56 +0000 http://www.buygilberthomes.com/contract-question-of-the-week-inspection-period-length/#comment-10095 Razr - What sellers are required to disclose varies from state to state. In Arizona, there is NOT a requirement for sellers to disclose deaths, including suicides and homicides, crimes, etc. The exception being if a home was used as a meth lab. And that's not because of the crime, it because the nasty chemicals used in meth labs create a public health hazard. My understanding is that some states require sellers to disclose things like suicides and homicides. There are ways to look these kinds of "distressors" up on-line, and if these kinds of things are of material interest to a buyer they should always be investigated during the inspection period. If discovered after the inspection period expires, there's really nothing a buyer can do other than breach the contract and risk losing earnest money (or more). Razr –

What sellers are required to disclose varies from state to state. In Arizona, there is NOT a requirement for sellers to disclose deaths, including suicides and homicides, crimes, etc. The exception being if a home was used as a meth lab. And that’s not because of the crime, it because the nasty chemicals used in meth labs create a public health hazard.

My understanding is that some states require sellers to disclose things like suicides and homicides.

There are ways to look these kinds of “distressors” up on-line, and if these kinds of things are of material interest to a buyer they should always be investigated during the inspection period. If discovered after the inspection period expires, there’s really nothing a buyer can do other than breach the contract and risk losing earnest money (or more).

]]> By: Razr http://www.phoenixrealestateguy.com/contract-question-of-the-week-inspection-period-length/#comment-10029 Razr Fri, 29 Sep 2006 21:13:15 +0000 http://www.buygilberthomes.com/contract-question-of-the-week-inspection-period-length/#comment-10029 In that part of the contract, it says the buyer has to investigate if there were suicides, homidices, etc in the home. Doesn't the seller have to tell any buyer about those kinds of things? In that part of the contract, it says the buyer has to investigate if there were suicides, homidices, etc in the home.

Doesn’t the seller have to tell any buyer about those kinds of things?

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