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3 Responses to “is there a 3 day "cure" for buyers of real estate in arizona?”

1. REAPER said:

   Feb 01, 09 at 7:18 pm

   should be able to do so without any problems. as far as loans go you have a three day right to recission. meaning if after signing all the paperwork and such, if you wish not to continue with the laon any further and want to "cancel" it, you have three days to do so in writing. but as far as closing the house, I don’ think the realtor will want to lose the business nor the lender from who you borrowed the money from. you should be safe. just make it aware to them that you may need or will need that extra time.

2. thetoothfairyiscreepy said:

   Feb 04, 09 at 5:51 pm

   just talk to your realtor, explain WHY you need the three additional days, and there shouldn’t be any problem.

   3 days is not an excessive amount of time, especially if there are contingincies to be met, etc.

   the real question is, have you asked for many extensions to the contract already? if not, 3 days is reasonable, and you should be allowed to schedule the closing in 3 days and be fine!

   good luck!

3. ModelBehavior said:

   Feb 05, 09 at 10:32 pm

   Yes, you’re on the right track…
   It’s called a Cure Period Notice & your real estate agent should complete this form and submit to the Buyer’s agent.
   What this form states is, "If the non-compliance is not cured within three (3) days after delivery of this notice (the Cure Period) the failure to comply shall become a breach of contract".
   In your case, the "non-compliance" would be not closing by the date on the contract. If the Buyer doesn’t comply w/in the Cure Period, you can cancel the contract and keep the security deposit.
   Finally, if you choose to give the Buyer more time than 3 days, have your agent draw up an addendum, mutually agreeing to extend the COE date (including deadline date).

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