Contracts
An Arizona purchase contract is signed on March 1 with a 10-day inspection period. The inspection period expires on:
AMarch 10
BMarch 11✓ Correct
CMarch 8
DMarch 12
Explanation
A 10-day inspection period beginning March 1 expires at the end of March 11 (day 1 = March 2, day 10 = March 11). Counting begins the day after the contract date.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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