Property condition in a purchase and sale agreement?
I am in the process of buying a house and am in the process of signing a Purchase and Sale Agreement. I have a question regarding the property condition stated in the agreement and would like to understand what my rights and responsibilities are in regards to the property condition. I am primarily concerned with any potential liabilities I may have if the property is not in the condition specified in the agreement.
First, have a professional contractor inspect the property and provide you a report on the condition, i.e. roof, plumbing, electrical, sewer, etc. Contractor should look for defects, both latent and visible defects.
Second, compare contractor’s report with the stated condition of the property in the proposed Purchase Sale Agreement.
Third, if contractor finds defects, negotiate with seller on the costs of repairs of defects , either through a reduction in purchase price of property or hold money to repair defects in escrow.
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