… 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. The day/date of Acceptance is day-zero for days count,
This document imposes the most ongoing, long-term (years) liability for the seller. If a false statement is made on this form, intentionally or unintentionally, that is “material”, anything that could affect the price paid or the decision to purchase, the buyer may instigate legal action even 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 is usually more of a focus in the early stages of the transaction even than the Purchase Contract. It’s certainly cause for more stress on the seller.
But the SPDS has far more long-term applicability than the Purchase Contract or the BINSR.
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