FACTS: Buyers and sellers entered into an Arizona REALTORS® Residential Resale Real Estate Purchase Contract (“Contract”) with a close of escrow date of November 1^st.  The buyers have not indicated that they will not close escrow as agreed.  However, the sellers do not believe that the buyers will timely close escrow.  As a result, on October 31^st at 5:00 p.m. the sellers issued a Cure Period Notice to the buyers for the failure to close escrow.     

ISSUE: Is the Cure Period Notice valid? 

ANSWER: See Discussion. 

DISCUSSION:

Pursuant to Section 7a of the Contract “[i]f a party fails to comply with any provision of this Contract, the other party shall deliver a notice to the non-complying party specifying the non-compliance.”  The buyers were not obligated to close escrow until November 1^st and therefore have not failed to comply with a provision of the Contract.  The sellers’ Cure Period Notice was premature and should be reissued on November 2^nd if the buyers failed to close.