Do you think your House Needs Repairs? - Resolutions on Home Repair – Part I

Published by cravat | Filed under Buyer / Seller Tips, Cities, Miscellaneous, Real Estate, Shout Outs, Uncategorized

The typical and most talked about discussion in any home buying and selling talks usually deals with maintenance issue and I am a bit amazed how small buyers and sellers know about the way that subject is enclosed in their contracts.

Offers on house purchase must always include a maintenance contingency, a clause that stipulates both the buyer and the seller’s selection if refurbish issues are noticed during home inspections. It is important to understand this contingency on repairs because once a contract has been signed, you are automatically attached and it will be legally binding for all whose signature appears.

Sample Maintenance Contingency

Here is a standard offer to purchase and the clause on repair contingency. Remember that this is only a sample because the phrasing in your state is very likely distinctive and phrases are always subject to change. In some states repair concerns are being discussed prior to the contract is complete.

12. (c) Pursuant to any inspection in (a) and or (b) above, if any repairs or refurbishing are necessary, Seller shall have the selection of completing them or declining to finish them. If Seller opted not to complete the repairs, then Buyer shall have the selection of accepting the Property in its current status or cease this contract, in which case all earnest payment shall be refunded. Unless otherwise stipulate herein, anything that is not included in this contract by (a)(i), (a)(ii), (a)(iii) and (b) above are excluded from this repair negotiations and binding in this contract.

That spells it out very obvious. The seller can choose to repair problems found by the buyer or not. The clauses named at the end of the paragraph refer back to the home check up contingency, this dictates items that are likely to be working properly at closing.

There is a separate addendum to the contract or annexes that can be utilized to institute a repair agreement between the buyer and the seller.If you are not familiar on how an offer is being transacted, find a friend or someone who has the vast knowledge of this aspect and can explain to you clearly. Do not stop asking questions until you are absolutely sure you understand every word that you sign. After all, it pays to remember that you are legally attach on the contract.

On my next article, I am going to write about learning to set aside expenses until maintenance issues are cleared and resolved and many other concerns about repair clauses in contracts.

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