When we do a home & walkthrough inspection, 99% of the time, the buyer & sellers agree to have a professional fix the agreed-upon items. But once in a while, a seller will want to fix items on his own. While we don’t recommend this, below is language we put into one agreement when the sellers were adamant that they fix some of the smaller items (they were also renting back after the closing, hence the language in the second paragraph):
“If the work is to be performed by the sellers and not by licensed and bonded contractors, all parties agree that items identified will be completed by 5pm EST, on Saturday Aug. 12, 2007 and will be subject to a post-work inspection to ensure the quality of the work performed.
Furthermore, the sellers agree to an additional $1,000 deposit, at time of settlement, to be held in escrow by the settlement company to further ensure the quality of the work performed. At the time of termination of the post-settlement by the sellers, if any of the items addressed in this addendum and the walk-through items notice are found to be faulty, the funds held in escrow will be released to the buyers to address all (if any) faulty craftsmanship. If at the final post-settlement walk-through, all work performed remains in same order and condition at the time of settlement on Aug. 15, 2007, the additional deposit of $1,000 will promptly be returned to the sellers.”
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