The following is a guideline as to when a Cure Period Notice would be deemed applicable, when using the 2011 AAR Residential Resale Purchase Contract.
Buyer to deposit Earnest Money with Title Company. Seller may cure if Earnest Money has not been deposited
Buyer to supply Letter of Credit or Source of Funds. Seller may cure if Proof of Funds are not supplied.
Should Buyer and Seller fail to comply to allow COE to occur on the COE date
Buyer to deposit closing funds by scheduled COE. Seller may cure if funds are not deposited.
Required Addenda Incorporated into contract.
Additional existing personal property included in the sale.
If Buyer is obtaining a new loan, the AAR Pre-Qualification Form is attached to the contract.
Buyer to obtain loan approval without PTD conditions; or
Buyer to sign loan documents 3 days prior to COE or will deliver notice of loan approval without PTD conditions and date of receipt of CD from Lender or deliver to Seller inability to obtain loan approval without PTD conditions.
Buyer to deliver to Seller the LSU within 10 days of contract acceptance.
Buyer to provide Lender with name, income, ssn, premises address, estimated value of premises, loan amount sought and authorization to run credit.
Buyer to provide to Lender notice of intent to proceed, or provide documents listed in LSU, lines 32-35.
Seller to deliver to Buyer a completed AAR Residential SPDS form within 3 days of contract acceptance.
Seller to deliver to Buyer a written 5 year insurance claims history (or a claims history for period of time that the Seller has owned property if Seller has owned property for less than 5 years) within 5 days of contract acceptance.
Seller to deliver Lead Based Paint Disclosure within 5 days of contract acceptance.
Seller to deliver to Buyer a completed Affidavit of Disclosure within 5 days of contract acceptance if property is located in an unincorporated area of county,
Buyer shall conduct necessary inspections within 10 days (inspection period days may differ based on contract negotiation) of contract acceptance.
Buyer to deliver to Seller a signed notice of items disapproved.
Seller to respond to Buyer of items disapproved.
Buyer to deposit Earnest Money with Escrow Company.
Buyer to provide Lender with Loan Application
Buyer to grant Lender permission to access Credit Report.
Seller to deliver SPDS.
Seller to deliver Insurance Claims History.
Buyer to receive Loan Estimate.
Buyer to supply LSU.
Buyer to provide notice of any items disapproved.
Buyer to provide notice of any items disapproved in Insurance Claims History.
Buyer to apply for Homeowners Insurance
Buyer to order Termite or Insect Inspection.
Buyer to deliver Inspection Notice.
Seller to deliver response to Buyer’s inspection notice.
Buyer to deliver reply to Seller’s Inspection Notice response.
Buyer to provide lender with notice of intent to proceed.
Buyer to provide lender with all requested signed disclosures and documentation.
Buyer to sign loan documents or deliver notice of loan approval without PTD conditions or deliver notice of inability to obtain loan approval.
Buyer to have funds in Escrow to allow COE on COE date.
Seller to complete repairs/receipts to Buyer.
Calculating Time Periods
24 hour calendar days beginning at 12:00am ending at 11:59pm.
Day notice delivered does not count. Clock starts at 12:01 next day & last day of the period is included.
Calculating Time Periods
Section 8h, lines 409-410 and Section 8i, lines 411-415 provide a Cure period calculation to be a 24-hour calendar day and the date of delivery notice does not count as the first day. The clock starts 12:01 a.m. next day after delivery. The last day of the period is included and ends at 11:59 p.m.
3-Day Cure Period Timeline
* Date that Signed Cure Period Notice is delivered to breaching party.
If Close of Escrow (COE) falls on a day when the Title Company and/or Recorder’s Office is closed, COE will be on the next day both are open.
If breaching party does not cure breach within three days, Pioneer Title Agency would then require a written instruction the following day from the non-breaching party to cancel the contract.
Pioneer Title Agency is a full service company with an operating philosophy of "Commitment to Service." The company provides title insurance, escrow, account servicing, trustee sales, as well as builder related trust services through over 50 Arizona offices.