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Why do Arizona Home Purchase Contracts have a Three-Day Cancellation Clause?

By Christopher Combs | September 14, 2018

The history of the three-day cancellation clause found in the current Arizona home purchase contract dates back to the development by the Arizona Association of Realtors (“AAR”) of a standard contract for home purchases more than 50 years ago.  At the time, home purchase contracts did not have cancellation notice requirements, allowing buyers and sellers to cancel the contract for any lack of performance, and to do so without notice. The concern in Arizona was that, because of summer heat and vacation schedules (and before fax machines and email), buyers and sellers might need more time to close escrow than the originally scheduled date of closing. At a meeting of the real estate industry, there was a suggestion made to give buyers and sellers another two weeks for closing. Orme Lewis, a lawyer at this meeting representing the AAR (and the founder of the law firm Lewis and Roca) reportedly…

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Must I Pay Commission if the Sale is Canceled?

By Christopher Combs | August 24, 2018

Question: After my husband retired we signed a listing agreement with a real estate broker to sell our Tempe home because we wanted to move to a condominium in east Mesa. Our real estate broker quickly located a buyer, and we executed a purchase contract to sell our Tempe home to that buyer. Our children have been very unhappy about us selling our Tempe home because they were all born in this home. We believe now that we acted too quickly in signing the purchase contract. We contacted our buyer, and our buyer agreed to cancel the purchase contract if we would pay $900 to reimburse him for the appraisal fee and the home inspection fee. When we contacted our listing broker to cancel the purchase contract, our listing broker said that, although we could cancel the purchase contract, we would still owe her the full real estate commission under the…

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