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What is a BINSR?
BINSR is an acronym for "Buyer's Inspection Notice and Seller's Response." In Arizona, the "Binsr" has two primary purposes. The first purpose is that the Buyer is acknowledging they have done all of their inspections on the home and verified any pertinent information available. The second purpose is for the Buyer and Seller to negotiate any of the repair of items that the Buyer has disapproved of during the inspection period. Although the BINSR is used to negotiate repairs and repair costs, it is not used to renegotiate the purchase price.
Must a licensed contractor make the repairs?
By Arizona statute, a contractor's license is required for work that exceeds $1,000 in value. Therefore, if the requested repairs on the BINSR exceed $1,000, the Seller should hire a licensed, bonded and insured contracting firm. If repairs are under $1,000 then the purchase contract dictates that the work performed be done in a "workmanlike manner."
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