What is the option period? | #RealEstateTalk
January 4, 2019
What happens on closing day?
January 15, 2019
Who handles repairs? Does the buyer or the seller handle the repairs? When do the repairs have to be completed?
Who handles repairs? Repairs can be handled in three ways: 1. The seller can do the repairs. 2. The buyer can do the repairs. 3. The buyer and seller can both do some of the repairs.
When do the repairs have to be completed? All repairs that the sellers agreed to perform have to be completed before closing day. The repairs that the buyers agreed to perform will be completed after closing day.
Which way is the best way to handle repairs? Depends upon whether you are the buyer or the seller. If you are the seller, you want the buyer to perform the repairs. You agree to contribute a fixed dollar amount to the buyers closing costs for the repairs and the buyer handles the repairs after closing. You don’t have the hassle of dealing with the coordinating of the service personnel and you have a fixed dollar amount for the repairs.
If you are the buyer, you may want the seller to perform the repairs. You won’t be inconvenienced with scheduling the repairs after closing. You won’t have any surprises as to the actual cost of the repair being over what you estimated.
If the seller does the repairs, the buyer should ask the seller for the repair receipts to confirm that all the repairs have been completed. The buyer can inspect and confirm the repairs have been completed before closing on the house. The buyer can also schedule his inspector to reinspect the property to confirm the repairs have been completed correctly.
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