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Tips for including repairs in a purchase agreement

On Behalf of | Dec 16, 2022 | Firm News

It’s customary to inspect a home before you purchase it. Doing so can help you learn more about the property and find flaws that you may have overlooked during an initial showing. You may also discover issues that the current owner failed to disclose despite being obligated to do so under Texas law.

The seller may pay for repairs

In a buyer’s market, a seller may agree to pay for repairs in an effort to liquidate the property in a timely manner. The seller may also agree to incur the cost of any repairs that are needed to make the home suitable to live in such as fixing the roof, a cracked foundation or other construction defects. There is also a chance that the current owner will reduce the sale price or provide a repair credit that can be used toward fixing issues that are revealed during an inspection.

If the current owner refuses your request

If the sale of the home was contingent on a satisfactory inspection, you may be able to withdraw from the deal without issue. Otherwise, you may need permission to get out of the deal without losing your earnest money or being named in a lawsuit. It’s worth noting that you may be released from a purchase contract if the seller engages in fraud. However, absent fraud, you are responsible for repairs or necessary upgrades the home needs after you become the home’s official owner.

In most cases, a real estate purchase agreement can be amended at almost any point prior to closing day. Therefore, you have the right to ask the seller to pay for repairs or provide credits to fix any serious issues that weren’t mentioned prior to making the offer.