Buyers Rights (sales, real estate, house)

[azigma]

Is there a "cooling off" period in Arizona, or any rights for buyer who immediately after signing realizes they have made a huge mistake?

[sablebaby]

There is a ten day inspection period that you can decline the house for any reason. I think that's what you are talking about. I did a 15 day as it was right through the xmas holiday.

[Gretchen B]

Originally Posted by azigma

Is there a "cooling off" period in Arizona, or any rights for buyer who immediately after signing realizes they have made a huge mistake?

Indeed there is! As Saddlebaby mentioned there is a 10 day "Buyer Inspection" period in AZ if a standard purchase contract was used when writing the contract. It's all spelled out under Item 6 "Due Diligence". Basically, if a buyer disapproves of anything (such as CC&R's or "size of living room won't accomodate the entertainment cabinet", etc, etc) then a buyer has to put that in writing on a Buyer Inspection Notice and state that they no longer want to purchase the home because of . . . (the items disapproved). The real estate agent representing you should be able to explain the details to you.

[BriansPerspective]

Gretchen and Sablebaby are correct if you have just gotten under contract. If you have already closed on your home, then you are probably out of luck. You are probably also out of luck if you did not use the AZ Assoc. of Realtors Residential Purchase Contract.

If you have already passed the timeframe for inspection and due diligence, you might have an out if you happened to buy a property that is:
1) not in a recorded subdivision
2) not in an incorporated area
3) and you did not receive an Affidavit of Disclosure

In theory, you have five days after receipt of the Affidavit of Disclosure to rescind your contract. See the text below, which can be found at: http://www.aaronline.com/documents/faq_affidavit.aspx

Pursuant to A.R.S. § 33-422 (the "Statute"):
A seller of five or fewer parcels of land, other than subdivided land, in an unincorporated area of a county and any subsequent seller of such a parcel shall furnish a written affidavit of disclosure to the buyer, at least seven days before the transfer of the property and the buyer shall acknowledge receipt of the affidavit.
The buyer has the right to rescind the sales transaction for a period of five days after receipt of the Affidavit of Disclosure. The seller must record the executed Affidavit of Disclosure at the same time that the deed is recorded.

[azigma]

I thank you all for your responses, indeed we just signed a purchase contract with one of the leading real estate companies in Arizona so will read it through in detail.