3 ms·
When a homeowner sells a home some kind of semi-serious problem is often discovered during the home inspection. I.e. a new roof is needed, foundation settling,
by msandford 14y ago
When a homeowner sells a home some kind of semi-serious problem is often discovered during the home inspection. I.e. a new roof is needed, foundation settling, etc. Often when you're buying all your readily available funds are being used to satisfy the down payment.
In that case the seller and buyer agree to "discount" the house by $x in the form of a post-sale rebate where $x is roughly appropriate for the repair. That way you don't move into a house that's badly in need of repair at a time when you're exceptionally cash-poor.
The better situation is to have the seller perform the repairs prior to the sale but often times the house is already under contract and you're expected to close on a certain date and it's easier to decide how much would be appropriate for the repairs and let the buyer handle it with their preferred contractor after the sale.
- quesera 14y agoRight, well those are attached as riders to the P&S, again in a very standard (and legally simple) form, since the contract was contingent on the acceptance of the inspection report. Anyway, I agree with you that the process is unfamiliar and can be overwhelming for most buyers. The sea of forms and signatures induces glazed eyes, for sure. I don't think nationally-standardized forms would help there (and it's very likely to be impossible anyway). Any RE attorney can make quick work of the problem (hire your own, don't use the seller's!). It would be unwise to transact with any set of forms without an attorney or equivalent experience.