Normally, when you’re looking to purchase a home, you’re going to have a home inspection. A home inspection contingency which means your obligation approach is dependent upon you receiving a satisfactory inspection report. Now, if that report identifies building, structural or related issues or repair issues, you have the opportunity to discuss and negotiate with the seller how those issues are going to be addressed and if you agree, that’s great. The closing moves forward. Often, the seller either makes the repairs or there may be an adjustment to the purchase price so that you can make the repairs at your convenience with contractors you prefer. If, however, the parties can’t reach an agreement, you will have the right to terminate the agreement. So, the real issue is working with a seller and trying to develop an understating what the situation is, what a fair and legitimate response is to dealing with the problem from both sides and then the parties hopefully agreeing and 9 out of 10 cases, that can be accomplished.
This informational blog post was brought to you by Marc N. Needelman, an experienced Hartford, Connecticut Real Estate Lawyer.
