Keller Williams Realty Atlanta – Peachtree Road

Real Estate Legal Tip

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The Buyer Should Do Repairs Whenever Possible, Not The Seller

Most home inspections will reveal some items in the house that need to be repaired or replaced.
 
What should the buyer do?
Most buyers want the house to be “perfect” when they move in, but is it a good idea to have the seller fix everything?
 
If the seller does the repairs:
1.      Buyer has no control over the quality of work or products
2.      Closing may be delayed
3.      Seller will usually choose cheapest or fastest solution
4.      Buyer may not have access to repair people for follow-up
 
If the buyer does the repairs (may be able to reduce the sales price):
1.      Complete control over the quality of work and products
2.      Work is done after closing, so no delays
3.      Buyer can be flexible on timing and cost
4.      Buyer has relationship with contractors and suppliers for warranty work and follow-up
 
Sometimes a repair is required by the lender prior to closing, based on the appraisal.  In this case, the seller must have the work done. 
 
The buyer should always allow time for a follow-up review by the buyer’s own inspector, and the buyer should get all paperwork, warranties, and contact info on the service providers.  This is especially important when buying an REO/foreclosure property.  The buyer should also purchase a home warranty.
 
 
Presented by Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
404-705-3690       fax  404-705-3697
lenox@neelandrobinson.com

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This entry was posted on Saturday, May 15th, 2010 at 11:21 am and is filed under Legal Tips By Neel & Robinson. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.