Be careful when negotiating repairs in amendments – By Mark Weisleder
Many times deficiencies are uncovered during a home inspection period and negotiations take place about who is going to conduct the repairs and what repairs need to be done. Buyers are often confused as to their rights if the repairs are not completed in a timely manner.
As the following case illustrates, if the clause is not worded correctly, the buyer may still have to close the deal and then sue for any damages after closing. Buyers need to understand their rights before threatening not to close any real estate contract.
In my opinion, it is better to just negotiate a price reduction than to obligate the seller to make any repairs before closing. Arguments will inevitably arise if the repairs are not done to the satisfaction of the buyers.
I have to say I agree with mark on this topic as I have seen the outcome first hand and it always ends in an argument because not everyone has the same standards or expectations – If you have come this far in the process I say get it SOLD and move onto your new Dream Home!!
The preceding article and Link was supplied and written by Mark Weisleder – Mark is a lawyer, author, instructor, Toronto Star columnist and keynote speaker for the real estate industry.