If you are unsure if you’re ready to make an offer on a parcel of land, please know that the Arizona Board of Realtor’s purchase contract has a 15-day ‘escape’ clause in it. Well, it’s really not called an escape clause, it’s an Inspection Period, but a 15-day time period is pre-written into the contract giving a buyer time to do additional ‘work’ on the property, such as bringing a builder/architect/designer on-site or checking on costs of utilities, etc.
The 15 days is pre-printed in the contract but the amount of days is negotiable. During the 15 days, buyer can, in buyer’s sole discretion, cancel the contract and receive their earnest money back.
The reason for writing a purchase contract and putting it into escrow is it assures Buyer 1 that another buyer cannot overtake Buyer 1’s position during the Inspection Period time.