THE HOME INSPECTION ADDENDUM HAS CHANGED AS OF JANUARY 1, 2014. FOR MORE INFORMATION, PLEASE READ “WHAT HAS CHANGED IN THE NORTHERN VIRGINIA HOME INSPECTION?”
Buying Your Alexandria VA Home. Home Inspections Continued
In the first part of this post, we began the discussion of the Home Inspection and Radon Testing Addendum, which spells out the details of the home inspection, how many days we will have in order to get an inspection completed and what your options are regarding that inspection.
For the purposes of illustration, let’s assume we have 10 days to complete the inspection and then 3 days for any follow up negotiations.
Once the inspection is completed, we will discuss the findings and determine what, if any, repairs you wish to request the Seller to make. We must send a written request for repairs, along with a complete copy of the inspection, to the Seller within that 10 day timeframe.
At this point that you have the unilateral right to void the Contract, no questions asked and without risking your earnest money deposit.
It is important to note the following:
The Home Inspection Contingency will terminate at the Home Inspection Deadline UNLESS the Buyer has delivered a copy of the entire inspection and:
- A written Addendum of requested repair or replacement items OR
- A Notice voiding the Contract
This means if you do not comply with the terms, you have lost your right to negotiate any repairs. The Contract is still in full force at this point.
If you opt to ask for repairs or replacement items, then the Seller may
- Within 3 days, elect in writing to remedy the deficiencies prior to Settlement or
- Within 3 days, make a counter offer or
- Not Respond
If the Seller makes a counter offer or does not respond, then we have 3 days to respond or remove the contingency, taking the property in its present physical condition, otherwise, the Contract becomes VOID.
The failure of one party to respond to a counter offer or to remove the contingency shall result in the Contract becoming VOID at the expiration of the response period.
So, as a quick summary:
- The Buyer must submit the complete inspection report(s) and a list of requested repairs within the time period negotiated;
- If the Buyer does not do this, then the home inspection contingency terminates, but the Contract remains in full force;
- The Seller may agree to make all of the requested repairs, counter with an offer to make some repairs or not respond at all;
- If the Seller does not respond at all, then the Buyer has the option of responding or removing the home inspection contingency, otherwise the contract is VOID. So, if the Seller does not respond – i.e., essentially says he will not make ANY repairs – the Buyer may also decline to respond, making the contract VOID.
As you can see, the Home Inspection Contingency is a powerful part of the contract. Paying attention to the deadlines is part of my job as your Alexandria VA Buyers Agent. I will help you navigate the home inspection and make sure your responses are submitted in a timely fashion to protect your interests under the contract.