In your contract, paragraph 23 gives the buyer the right to end the contract for any reason. Usually for 7-10 days. We call this the time the “Option Period”.
During this time the buyer inspects the home to determine if the condition is acceptable. The buyer’s choice is to end the contract and get their earnest money back, take the house as-is, or negotiate.
A negotiation begins with a contract amendment sent from the buyer’s agent. Usually, a list of repairs for the seller to complete before closingThe process of completing a financial transaction. For mortgage loans, the process of signing mortgage documents, disbursing funds, and, if applicable, transferring ownership of the property. In some jurisdictions, closing is referred to as “escrow,” a process by which a buyer and seller deliver legal documents to a third party who completes the transaction in accordance with their instructions. See…. Sometimes, it is a few little things or sometimes it is a big list. Rarely, is the home accepted as-is without negotiating. All houses have some problems. The seller does not have a duty to do any repairs.
Seller’s options are (1) do the work as requested, (2) offerA formal bid from the home buyer to the home seller to purchase a home…. money, (3) refuse to do some or all it, or (4) some combination. The amount of money is the consideration of the cost to get the work done. If you offer money, offer it first in the form of a reduced price to further protect the appraisalA professional analysis used to estimate the value of the property. This includes examples of sales of similar properties…. value. Second, as a payment towards buyer closing costsThe upfront fees charged in connection with a mortgage loan transaction. Money paid by a buyer (and/or seller or other third parties, if applicable) to effect the closing of a mortgage loan, generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorney’s fee, and prepaid items, such as escrow deposits for taxes and insurance….. Buyers option is agree or terminate.
Sometimes it’s a tough negotiation. Usually, an agreement must take place for the contract to continue. If buyer doesn’t terminate before the deadline, the unrestricted right ends. Buyer and seller must consider their options to establish their negotiating position. Repairs made by the seller are made in accordance with Paragraph 7.
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