Can a Buyer Make Repairs on a Home Prior to Closing?
Many times, the buyers believe that they 'own' the home,
once the offer is accepted.
Beth Atalay busts that myth in this re-post.
Can a Buyer Make Repairs
on a Home Prior to Closing?
Can a Buyer Make Repairs on a Home Prior to Closing?
Regardless of the age of the home that is being purchased, buyers should always get thehome inspected by a licensed home inspector. Whether the contract is “As Is with No Repairs” or not, it is in the best interest of the buyers to know if the home they have a contract on has any defects.
Some sellers do agree to make repairs, some do not. It is all in the negotiation. If the sellers are willing to make repairs, it is best to ask for a proof to ensure the work was completed by a licensed contractor and is in working condition prior to closing.
Based on the contract, buyers may take on the responsibility of paying for the repairs prior to closing.
What if closing never happens? It is a risk buyers will be taking on by paying for the repairs on a home they have a contract on. Keep in mind, a transaction is not closed until you have the keys in your hands. Anything could happen, so be absolutely sure you are ready to take the risk of spending money on a home you may not end up with.
Every transaction and every situation is different but generally, I would advise my buyer clients not to pay for repairs on a home they do not own yet. You have to think about the liability as well. Should anything go wrong during the repairs, who will be responsible for the damages and is it something you are willing to risk?
I would however suggest contacting licensed contractors to get estimates on the required repairs so you know exactly what you are taking on.
As a Realtor®, I look out for the best interest of my buyers and sellers with their real estate transactions. I can not however give legal advice or suggest they do anything that is outside of the contract.
If you are looking to buy or sell a home in Clermont, Minneola or Winter Garden FL areas, I would love to hear from you. Call me at 407-929-1852 or visit www.WhereToLiveInOrlando.com
Can a Buyer Make Repairs on a Home Prior to Closing?
Beth Atalay, Broker/Owner
Cam Realty and Property Management
407-929-1852
Wheretoliveinorlando.com BethAtalay@Gmail.com
Your Orlando Agent - Where to Live in Orlando
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