Thursday, 11th May 2023
What is a “Cure Notice”? This possibly comes in when buying or selling a home?
This can be a common term that can sling in favor of a breeching party in the purchase contract. Let me explain, if the seller or buyer breeches the purchase contract within the terms of a specific requirement of the purchase contract the breeching party can be cured and if in default over a short period of time (3 Days) can lose their earnest deposit. It can also happen if the real estate agent representing a buyer or seller in any case misses a timeline or fails to provide the proper documentation which happens all too frequently. In all this agent selection matters greatly and knowing they have systems staying within the timelines and terms of the purchase contract. Arizona real estate contracts are a binding legal contract both for home buyers and home sellers to operate the purchase transaction through. Our strong advice is selecting the right agent which understands the Arizona contracts and to properly represent you! Here’s further definition as to why!
In the context of an Arizona residential purchase contract, a “cure notice” is a written notice provided by one party to the other party that identifies a specific breach of the contract and gives the breaching party a certain period of time (usually 3-5 days) to cure the breach or remedy the situation.
If the breaching party fails to cure the breach within the specified time frame, the non-breaching party may have the right to terminate the contract, retain any earnest money deposited, and pursue other available legal remedies.
A cure notice is typically used in situations where one party has failed to meet their contractual obligations, such as failing to make a required payment or failing to perform a specific action. It is a formal way to notify the breaching party of the issue and provide them with an opportunity to correct it before the contract is terminated.
It’s important to note that the terms of the cure notice, including the specific breach identified, the amount of time given to cure the breach, and the consequences for failing to cure the breach, will vary depending on the terms of the residential purchase contract and the applicable state law.
Looking for your perfect real estate match? Finding your dream agent is easy with https://www.carolroyseteam.com/ . Our team consist of top Real Estate agent to help you with any of your real estate needs! Call Carol Royse at 480-776-5231 . Or feel free to share our contact information with anyone you know that needs expert help in buying or selling their home.