The Contract. Make sure you have a legible copy of the contract and copies of any addenda prepared by the attorneys (An addendum is nothing more than a document that adds terms and conditions to the contract which were not a part of the original contract). Generally, you will find that there will be one addendum prepared by our office on your behalf, and another addendum prepared by the Buyer's attorney on their behalf. Most important, read the contract and the addenda. If you have questions about the language, please call our office and we will gladly assist you with interpreting the terms and conditions as they apply to your case.
Inspection. After the Buyer's home inspections, we will be provided with a copy of the report and any requests for repairs and/or credits from the potential Buyer. This process is simply a matter of negotiation. We encourage my clients not to take this step in the transaction personally. Repair requests and responses by a seller are often driven by the economic realities of supply and demand. A purchaser that truly want to close a deal may be less inclined to request repairs. Whereas, a purchaser that has the option to purchase a smiliar home in the area because of supply may be more demanding.
Of course, an inspection which reveals severe structural defects or major problems may in certain circumstances constitute cause to walk away from the deal altogether. We hope that it never gets to that point.
The Realtors. Be sure to work closely with your real estate agent. Real estate agents are very helpful and are certainly resourceful for information. The agent will assist with the inspection issues and also ensure that the necessary code certifications have been obtained from the municipality so as to ensure compliance with the code requirements set forth in the contract.
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