Christine & Ed Schaefer Call or Text: (520) 668-5037 Email Us

Video Blogs

What Is a BINSR?

Posted June 5, 2014

As a Buyer, one of the most important things you need to do once your Residential Real Estate Purchase Contract has been accepted is to hire qualified licensed professionals to inspect your future home. Time is of the essence and you normally have only a ten day window within which to perform all inspections. You will need to present to the Sellers a Residential Buyer’s Inspection Notice and Seller’s Response (BINSR) Form within the time period specified in the Purchase Agreement. It is very important to note that a “Buyer’s failure to give notice of disapproval of items or cancellation of the contract within the specified time period shall conclusively be deemed Buyer’s election to proceed with the transaction without correction of any disapproved items.” In turn, if you provide the seller an opportunity to correct items disapproved, the Seller shall respond within five days. Keep in mind that if the Seller fails to respond in writing within the specified time period, it is deemed that the Seller refuses to correct any of the items disapproved.

Copyright © 2011-2021 Christine M Schaefer P.C. All Rights Reserved. Site Map