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What is a BINSR?
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What is a BINSR? ·
BINSR is an acronym that stands for Buyer’s Inspection Notice and Seller’s Response.
In Arizona real estate transactions, this crucial document serves two primary functions:
It acts as an official acknowledgment that the buyer has completed all of their desired home inspections and verified all pertinent information regarding the property.
Confirmation of Due Diligence:
It provides a formal framework for the buyer and seller to negotiate the repair of specific items the buyer found unacceptable during the inspection period.
Negotiation of Repairs:
Important Note: While the BINSR is the standard tool used to negotiate necessary repairs and their associated costs, it cannot be used to renegotiate the agreed-upon purchase price of the home.
Do BINSR Repairs Require a Licensed Contractor?
Whether you need a licensed professional depends entirely on the scope and overall cost of the requested repairs.
Projects Over $1,000:
Under Arizona state law, a contractor's license is legally required for any work that exceeds $1,000 in value.
If the negotiated BINSR repairs cross this threshold, the seller must hire a licensed, bonded, and insured contracting firm to complete the job.
Projects Under $1,000:
If the total cost of the repairs falls under the $1,000 mark, state law does not strictly require a licensed contractor. However, the standard purchase contract dictates that all work must still be performed in a "workmanlike manner."
Trust the Experts at Roadrunner General Contracting