As I begin and learn what blogging is all about I think I have discovered one of the basics. It seems that being an expert in ones field can be one idea. I guess I understand contracts fairly well so again back to contracts.
I would like to pass along a clause that has worked well when a home inspection is being done and I will share it with my readers. We have all run into the issue of repairs and expectations of what should be done when an inspection has been completed.
Sometimes the unsolicited "suggestions" of the inspector himself can tend to leave us hanging on one side or the other. A buyer may choose to "have an out" for any reason especially if there are in his opinion many, many repairs to be done.
Whether they are for him to take care of or the seller to take care of this buyer may choose to not buy this property. You might as well know that soon in the contract game.
Too, some agents feel that whatever the inspector finds, then the seller MUST fix to make the buyer continue the contract.,another topic, since the inspector found them, however they may not fall into repair cluase at all. The inspection clause itself is quite clear on most of those issues, (maybe I can give my unwholly opinion on them in another blog).
You might try this to cut to the chase: I make no claims of how it holds up in courts but this does in my opinion make it very clear at least as to what might happen.
This contract is contingent upon the Buyers having an acceptable home inspection as follows:
Home inspection to be completed within 7 days of Sellers acceptance of this contract. Upon receipt, buyers to have 48 hours to review report. Buyers will then either accept the results of the inspection and elect to proceed with this contract or they will notify Sellers of their intention to cancel this agreement. If the agreement is cancelled, all escrow and or/deposit monies shall be returned to the Buyer immediately and without delay. Standards "D" and "N" of the contract to remain in force. Unless the seller is notified within the above noted time frame, the buyers are deemed to accepted the results of their inspection and will proceed with this ocntract.
REPAIR clauses still are in force but it gives the buyer a kick out clause if you are representing them and extensive damage is found. Hope this helps somebody.
signing off Pat Walmsley