The Arizona Residential Purchase Contract includes several important dates that keep the sale of your home on track.  If the buyer or the seller does not adhere to these dates certain steps can be taken to cure the missed date.  Here's 5 important contract dates for sellers to be aware of:

1.  10 Days for Inspections 

The Buyer has 10 days from contract acceptance to inspect the property and request repairs from the Seller (unless otherwise noted in the purchase contract).  The Buyer can have multiple inspections during this time.  Typically it starts with a licensed home inspector and the inspector will let the buyer know if a specialist should come out to further inspect something.  For example if the home inspector noted something about the A/C unit, the inspector would recommend an A/C company to come out and examine it further.

2.  Loan Status Update 10 Days after contract acceptance

The Buyer must provide a Loan Status Update (LSR) from their lender to the Seller.  This document will update the seller on the progress of the buyer's financing.

3.  5 Days after receiving BINSR with repair request  

After the Buyer has completed all inspections, the buyer will send a Buyer's Inspection Notice and Seller's Response, referred to as the BINSR, to the seller.  The Buyer can choose to accept the house in it's current condition with no repairs (Seller warranted items still need to be in working order), request that the Seller make specific repairs or cancel the contract.  If the Buyer is requesting repairs, the Seller should respond to the repair requests in writing.  No response is deemed refusal to repair by the Seller.

4.  5 Days after repair response from Seller

The Buyer can cancel the contract within 5 days of receiving the seller's response to repairing the requests if the seller chooses not to repair some or all items.

5.  3 Days prior to Close of Escrow:  Repairs Complete

The Seller must correct the repairs agreed upon on the BINSR.  The Seller must complete the repairs in a workmanlike manner and provide receipts to the Buyer 3 days prior to the closing date. 

What happens if a Buyer or Seller misses a deadline?  It depends on the deadline and the terms in the contract, but typically a Cure Notice is issued giving the party 3 days to "Cure" or fix the missed deadline.  If the party does not complete this within 3 days, that party is in breach of the contract.  At that time the other party can cancel the contract.