Real estate
Church Construction and the Americans with Disabilities Act
Choosing a Lighting Design for Your Church
Steel Building Design
Future of Dubai Real Estate According to Fitch Rating
Creating a 3D Model for Your Church Design
The Perfect Working Environment
The Future of Steel Buildings in Commercial Construction
Steel Buildings: Get the Best Structures Erected at Affordable Rates
Planning to Build a Church? How to Get Started
The Value of Good Building Plans for Your Church: Developing a Master Plan
Church Architectural Plans: What to Expect in Good Drawings
7 Of The Duties Found For A Quantity Surveyor
Planning Your Building Project Budget: Tricky Costs
States Beginning to Release Updated Development Plans
Points To Consider In A Building Design For Commercial Purpose
Function Meets Design Using Iron Bollards As Architectural Elements
How a Contractor Can Help You Pick the Right Space for Your Next Office
Benefits of Historic Tax Credits
Getting What You Pay for When Hiring a Church Builder
Should All Warehouses Have Composite Lightweight Roofs?
Making Housing Affordable For Military Families
Building Capacity With Technical Assistance Grants
Adding Convenience Feature to the Buildings With Access Audit
Finding Creative Solutions to Redevelopment Challenges
  Will Everything Be Repaired?
Always ask an attorney if you are ever in doubt regarding a contract issue. However, did you know that repairs are not required to be done by either party unless agreed to in writing?

Once there is a secured contract to purchase a property, there is generally an option period agreed to between the buyer and the seller. This time is wisely used to have the property inspected, get homeowner insurance quotes, and negotiate repairs. If there is a repair the buyer feels is an absolute must for them to continue with the purchase of the home; their REALTORŪ should be prudent with negotiating this repair prior to the expiration of the option period. If the seller refuses to do the repair, the seller would be wise to terminate the contract and know they will lose the amount they put down for the option (which is the right to terminate) as well as the cost of the inspection. If the seller agrees to do the repair, this should be put in writing and signed by all parties.

Unfortunately, our Texas contracts do not obligate either party to do any "lender" required repairs - unless agreed to in writing; this means that even treatment for wood destroying insects does not have to be done by either party. In this case, the contract would be terminated and the earnest money would be returned to the buyer.

Another important issue to note is that any repairs agreed to on a property that is for sale must be done prior to the close date. Repairs and treatments must also be done by licensed individuals or individuals authorized by law (TAR 1601, Paragraph F).

So, what if lender required repairs don't get done by either party? Remember, the property has to meet the "underwriting requirements" of the lender. A lender will not want to issue a loan on a property that may not hold the value of loan, and therefore, the bank will not be willing to take the risk. Bottom line... the bank will not lend the money. It would behoove the owner to work with the buyer in ensuring repairs get done in order to make it a win-win. The property gets sold, and the buyer gets a place they can call home! The likely hood is high that the same issues will creep up again with another buyer, so why shoot yourself in the foot?

Liz Voss writes articles for San Antonio Real Estate. Other articles written by the author related to San Antonio Texas real estate and San Antonio Homes for Sale can be found on the net.

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