Contracts If you have decided to buy a house you should sing a sales contract. It is the most important part of the process and a person should be prepared to it very well, because the contract will cause a lot of problems in future. It happens very often that the contract becomes the subject of dispute. Thats why a person should read it carefully. Before buying a house, a buyer should make several inspections of it. The first one is made by the buyer before making a written offer to the seller.
But the second one should be made by a professional inspector. And it would be better to do it before a buyer makes a written purchase offer. But often buyers prefer to spend their money on inspections after they have signed the contract. We have the same situation. Certainly, there are several clauses in the contract that give a buyer some extra time to make the inspection but a buyer can have some contingency from his or her purchase offer. The same situation is in our case: the inspection was made by the professionals after the contract had been signed. The next should be pointed that the inspection can be made at least 15 days prior to closing (3).
general inspection is designed to find out defects in the property that could materially affect its safety, livability, or resale value.
... contract 3. Parties. Offeror - The person making the offer. Offered - The person receiving the offer. Counteroffer 1. Created when any changes are made ... Installment Sale (also called land contract) buyer promises to buy and seller promises ... reasonable inspection Puffing 2. An opinion not made as ... Fraud or misrepresentation Six Essentials to Make Valid Contract - Consideration, promise 2. Valuable ...
Inspection may include appliances (), heat and air conditioning systems, electrical systems, plumbing, machinery, sprinklers and pool system included in the sale (3).
But as a rule general inspection does not include cosmetic deficiencies. The buyer has a right to determine the type of possible cosmetic and minor deficiencies that he or she wants the inspector to pay attention on. As usual general inspection does not reveal them. As it becomes clear from the call the buyer has not made it and has not determined the items he or she wants to be examined in addition. According to a standard sales contract any defects in the home must be either repaired or monetarily compensated for. If a buyer is not satisfied, he or she has the right to cancel the contract.
Most of all the property was not sold “as is” with all faults. In that case the seller has not to make repairs to the property but the price of the house should be lower. The point to argue about is what constitutes “ratification” of the contract. There are two different points of view. As usual realtors are sure that a contract is ratified when all parties sign off on the contract document (2); but from the legal point of view it starts when all contingencies have been removed. (2).
The answer should be based on the language in the real estate sales contract. A seller has an option to accept the offer, reject it or makes a counteroffer. In our case the counteroffer was made: the seller proposed to pay $500 for any repairs that might be required after an inspection. The offer was accepted by the buyer and the contract was signed. Though the contract as a rule a buyer the right to get out of it because of the various contingencies in some cases it cannot be regarded as final or ratified. But in the case we are examining the parties reach agreement on all issues, so I think that the contract can be regarded as ratified.
It is a legal contract and after signing it the both parties must follow its clauses strictly. I am sure that the seller is right because the contract was signed under the mutual agreement and it has a clause limited the sum of money for repairing. The buyer has agreed with the terms of the contract. He or she has not made the inspection of the property beforehand, and most of all the problems mentioned are minor. Certainly, as usual the seller should make minor repairs before the property is listed for sale but the buyer had a chance to check everything. The problems are typical of a used home and dont threaten safety, livability, or resale value.
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Get a House Inspection Before Buying.
Nolo. Retrieved July 24, 2006 from http://www.nolo.com/article.cfm/ObjectID/53649E70- C268-4CE2-B8578DCB062D7967/catID/912DD28B-1329-4CE B-9E4FF25438CB52DF/213/243/217/ART/ Kass B. (2006), Housing Counsel: When Does a Contract Become a Binding One? Realty Times. Retrieved July 24, 2006 from http://realtytimes.com/rtcpages/20060710_bindingco ntract.htm Sample real estate sales contract. January, 2006. Audrie.com. Retrieved July 24, 2006 from http://www.audrie.com/sample_fsbo_selling_contract .htm.