Back 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 "Contract Question of the Week", ever. Thereby relegating that feature to the same pile as the "Real Estate Pic of the Week" (long before Athol made it famous. And better.)
Here it is, almost 10 months later, and reader "Schneider" digs it up and asks a great question:
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?
<<Insert duh moment>> THAT should have been covered in the initial post…
Here is the actual Arizona Residential Resale Purchase Contract language:
This is pretty small, click image for a larger version.
So in a nutshell the inspection period is 10 FULL days, from midnight (12:00am) to 11:59pm.
Here's how it works in Schneider's specific example:
The contract is signed on Aug 1 at 9:00am (Day 0). At midnight, Day 1 begins. August 2 is Day 1 and the 10 full day period would then end at 11:59pm on Aug 11.
Make sense? If not SHOUT! Thanks Schneider!
NOTE: This post pertains to language in the standard Arizona Residential Resale Purchase Contract. If you reside outside the state of Arizona, or if your contract contains non-standard language, please consult with your real estate agent.
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