In Arizona, a home purchase runs on a written contract from the moment your offer is accepted. For resale homes that contract is almost always the AAR Residential Resale Real Estate Purchase Contract, and the process from offer to keys follows a predictable path: offer, earnest money, inspection period, appraisal and loan, title, walkthrough, and close of escrow — usually 30 to 45 days. New construction works differently (more on that below).
This is a general overview, not legal advice — your agent and, where appropriate, a real estate attorney should guide your specific transaction.
The standard Arizona purchase process, step by step
| Stage | Typical timing | What happens |
|---|---|---|
| Offer & acceptance | Day 0 | You submit a written offer on the AAR contract; once signed by both sides, it's binding. |
| Open escrow & earnest money | Days 1–3 | Earnest money is deposited with a neutral escrow/title company; the file opens and a title search begins. |
| Inspection period (BINSR) | First ~10 days | You inspect and use the BINSR to request repairs or cancel. |
| Appraisal & loan | ~Days 10–25 | If financed, the lender orders the appraisal and processes the loan; the title commitment is issued. |
| Clear to close | ~Days 25–35 | Lender issues "clear to close"; closing disclosure and settlement statement are prepared. |
| Final walkthrough & close | ~Days 35–45 | You do a final walkthrough, both sides sign, funds are wired, and the deed records — you own the home. |
The inspection period is the buyer's key window
The standard AAR contract gives the buyer a default 10-day inspection period. This is the most important protection in the contract: during it, you can inspect the home and cancel for almost any reason and get your earnest money back in full.
Crucially, that 10 days includes the back-and-forth — not just the inspections. You inspect, then deliver the BINSR (Buyer's Inspection Notice and Seller's Response) to ask the seller to make repairs or to cancel; the seller responds (commonly within 5 days), and you then decide whether to proceed, accept partial repairs, or walk. Once the period closes, your ability to back out and keep your earnest money narrows significantly. (Arizona Association of REALTORS®)
Earnest money
Earnest money is your good-faith deposit, held by a neutral escrow company — not paid to the seller. It's credited toward your purchase at closing. During the inspection period it's generally refundable; afterward, whether you can recover it depends on which contingencies remain.
How new construction is different
If you're buying or building new in Paradise Valley, expect a different document. Builders typically use their own purchase agreement, not the AAR resale contract, with:
- Different earnest money / deposit structures (often larger, sometimes non-refundable after certain milestones)
- Contingencies and timelines tied to the build schedule rather than a 10-day inspection window
- Their own warranty, allowance, and change-order terms
That's a key reason to have representation that knows new construction — the builder's contract is written to protect the builder, and the terms are not always negotiable in the ways a resale contract is.
What to take away
For a resale home, the AAR contract gives you a clear, buyer-friendly path with a strong early exit (the inspection period). For new construction, read the builder's contract carefully and lean on an agent who has done it before. Either way, knowing the milestones — earnest money, inspection/BINSR, appraisal, title, walkthrough, close — keeps you in control of the timeline.
If you're getting ready to make an offer in Paradise Valley, a member of our team can walk you through the contract for your specific situation, resale or new build.
Frequently asked questions
- How does the home purchase contract process work in Arizona?
- Most Arizona resale purchases use the AAR Residential Resale Real Estate Purchase Contract: you submit a written offer, deposit earnest money into escrow once it's accepted, complete inspections within a default 10-day period, clear your appraisal/loan and title contingencies, do a final walkthrough, and close when the deed records — typically 30 to 45 days from acceptance.
- What is the inspection period in an Arizona purchase contract?
- The standard AAR contract gives the buyer a default 10-day inspection period. Within that window the buyer inspects the home and can cancel for almost any reason and recover the full earnest money. Once it closes, the right to walk away narrows considerably.
- What is a BINSR in Arizona real estate?
- BINSR stands for the Buyer's Inspection Notice and Seller's Response — the standardized AAR form a buyer uses during the inspection period to request repairs or cancel. The seller then responds (commonly within 5 days), and the buyer decides whether to proceed.
- Is buying new construction different from a resale contract in Arizona?
- Yes. New-construction purchases typically use the builder's own purchase agreement rather than the AAR resale form, with different deposit, contingency, and timeline terms tied to the build — so the standard 10-day inspection and BINSR process may not apply.
Talk to a Paradise Valley specialist
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