Under the Inspection Section of the Contract, the parties need to follow the following steps regarding the property inspection:
1. Buyer has the earlier of 15 days after Effective Date of the Contract or 5 days prior to Closing to complete the inspection(s) by a person authorized to conduct home inspections or who holds a Florida license to repair and maintain the items inspected.
2. Buyer has to notify Seller in writing prior to the expiration of the Inspection Period of any items not in Working Condition as defined under the Contract. NOTE: Under the revised contract, Buyer is only to deliver the inspection report parts addressing the repairs if requested by Seller in writing.
3. If Buyer fails to timely notify Seller, Buyer has waived Seller’s obligations to make the repairs.
4. Within 10 days from Seller’s receipt of Buyer’s written notice, Seller shall either deliver to Buyer written estimates of the requested repairs by an appropriately licensed person or Seller can have a second inspection performed at Seller’s expense and deliver the inspection report and written estimates to Buyer.
5. If Buyer’s and Seller’s inspection reports differ and they cannot resolve the differences, Buyer and Seller shall jointly choose an inspector and split the inspection cost equally which inspection report shall be binding on the parties.
6. If the written estimates do not exceed the Contract’s General Repair Limit, the Seller shall have the repairs completed by an appropriately licensed person.
7. If the written estimates exceed the Contract’s General Repair Limit, then Seller may elect to pay the excess by delivering written notice to Buyer within 5 days after a party’s receipt of the last estimate in which event Buyer must close. Otherwise, Buyer may designate which repairs Seller shall make up to the General Repair Limit and accept the balance of the repair items in their as is condition. If neither party gives notice, then either party may terminate the Contract in which event the Deposit is returned to the Buyer.
As always, if you have any questions concerning the foregoing, we urge you to consult with your real estate attorney.
This communication is not intended to establish an attorney client relationship, and to the extent anything contained herein could be construed as legal advice or guidance, you are strongly encouraged to consult with your own attorney before relying upon any information contained herein.
All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.
3700 S. Tamiami Tr, Suite 200, Sarasota, FL 34236 P (941) 954-9991 F (941) 954-9992
247 S. Tamiami Trail, Suite 201, Venice, FL 34285 P (941) 955-9991 F (941) 484-9992
8130 Main Street, Suite 206, Lakewood Ranch, FL 34202 P (941) 907-9022 F (941) 907-9024