… referred to as the “spuds”.
The AAR Purchase Contract requires that the seller deliver this document to the buyer within three days of “Acceptance” to give written disclosure in a “standard” way to the buyer regarding everything the seller knows about all aspects of the property.
“Acceptance” is the date of the last signature on the last-signed document in the Purchase Agreement documents – day-zero for days count,
This document may impose the most ongoing liability on the seller. If a false statement is made on this form that is “material”, anything that could affect the price paid or the decision to purchase, the buyer may instigate legal action years later.
The seller should NOT fill this form out flippantly, or quickly. “Oops! I forgot that!” is just as dangerous as an intentional false statement.
BINSR – Buyer Inspection Notice and Seller Response … referred to as the “binser”. This is the document used by the buyer to give notice to the seller of the buyer’s decision regarding the “acceptability” of the physical condition of the property.
The BINSR might be more of a focus in the part of the early stages of the transaction than the Purchase Contract. It’s certainly cause for more stress on the seller, especially in anticipation prior to actual delivery to the seller from the buyer.
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