Real Estate Cure Period | Andrew Robb RE/MAX Fine Properties Real Estate Cure Period | Andrew Robb RE/MAX Fine Properties

Real Estate Cure Period

Real Estate Cure Period NoticeIf one party is in breach of the real estate purchase contract, the other party must issue a cure notice and allow the breaching party 3 days to correct the breach. The day after the cure notice is delivered is counted as day 1. Days are calendar days, with weekends and holidays also counting as days. If the purchase contract breach has not been corrected during the 3-day cure period, then the non-breaching party may cancel the contract and/or proceed against the breaching party in any claim or remedy that the non-breaching party may have in law. Any purchase contract breach requires a cure period be issued before any cancellation by non-breaching party or compensation to non-breaching party (such as forfeiture of earnest deposit by breaching party).

The Cure Period Notice is a document used to issue a cure notice regarding non-compliance of the purchase contract. The non-breaching party should complete the form, clearly describing the breach, sign the form and deliver to breaching party. This meets the terms of the purchase contract, which requires a written notice of breach and allows for a 3-day cure period. Written notice must be provided for the 3-day cure period to begin. If no written notice is given by non-breaching party then there is no consequence to the breach.

Is email considered a form of issuing a cure period notice? No. For proper constructive notice, compliant party must deliver to non-compliant party the completed and signed Cure Period Notice form, plus it is a very good idea to also copy the title/escrow company at the same time (to serve as proof of issuance).

Andrew Robb - RE/MAX Fine Properties, 21020 N Pima Rd, Scottsdale AZ 85255