Residential Buyer’s Inspection Notice and Sellers Response (BINSR) The 3 Steps You Need to Know
Buyer’s Inspection Notice and Seller’s Response is a form in a residential real estate transaction known as the BINSR. Therefore, the BINSR is an addendum to the Arizona Association of Realtors Residential Purchase Contract. In this case, this allows the Buyer to request repairs and the Seller to respond.
Buyer Inspections and Investigation Completed
First, the buyer has completed the inspection process on all desired items and now has several options. For instance, the Buyer can choose to accept the property as is without any repairs. Thus, they will continue proceeding forward with the purchase. Or, they are disapproving of the property and canceling the contract. With this in mind, another option is for the buyer to request repairs. Consequently, this gives the seller the opportunity to correct some of the disapproved items. Accordingly the buyer lists the desired repairs on the front page of the BINSR.
By the way, a buyer can choose not to have an inspection done. In this case, the Buyer will notify the Seller of this election and sign in the appropriate space on the second page of the BINSR. Therefore, proceeding with the purchase. It is not recommended that a buyer waive an inspection as it protects both buyer and seller against future claims.
Second, once the Buyer has given the Seller an opportunity to correct disapproved items the Seller can respond in several different ways. Such as, repairing all, some or none of the items on the list. Typically, this is done within 5 days of Seller receiving the BINSR.
Third, if Seller is not in agreement to correcting all items the Buyer did not approve of, the Buyer can elect to cancel the contract. Also, the Buyer can accept the Seller’s response to the BINSR. Thereupon, the Buyer agrees to close escrow without the Seller correcting those items not agreed about in writing.
Important to realize, the Buyer’s Inspection Notice and Seller’s response is not a tool to renegotiate a different purchase price. Be that as it may, there are times when both parties may agree to a credit in lieu of repairs at the close of escrow. This may be the case when the Buyer prefers to have his or her own contractor do the work. Likewise, or in a situation when the close of escrow has a short time line.
If you have questions The Kolb Team has answers! Contact us at email@example.com or 480-809-5759 for all of your buying and selling needs. The Kolb Team, Arizona’s active adult communities experts!
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