The standard of home sales contracts has changed in Arizona, allowing properties to be sold as-is. This change takes out contract requirements that made sure the seller had air conditioning, electrical, plumbing and major appliances such as hot water heaters and garbage disposals in working order before selling the home.
The new standard of real estate contracts does not include warranty systems and began being used in February. Every property will now be sold as-is in its original condition unless specifications are added to the contract to include warranted systems and items.
New contracts also do not include roof and termite warranty items like the old ones did. Brokers and agents should be sure that they are not using the old contracts that automatically include these things.
On the other hand, home buyers should make sure they hire real estate agents and home inspectors that will make sure the home they are buying isn’t going to give them problems.
The changes to real estate contracts could result in buyers asking for more price concessions when buying property. Buyers can still always take sellers to court over any problems with the home they buy. Still, it can be costly to go to court and the buyer must be able to prove that the seller knew about any mechanic and system problems they didn’t disclose to them.
The best thing to do now is to make sure a home is thoroughly inspected before purchasing it.
Photo courtesy of American Advisors Group by Flickr