The Buyer's Options after Inspecting the Property
Treatments, Repairs, and Replacements or Cancellation of the Contract
 
 
Buyer's Options
If the Buyer has any objections to the Property based on the inspections and investigations conducted within the first 10 days after the "Time Reference Date" of the Contract, then the Buyer may 1) cancel the Contract as outlined below or 2) request the Seller to treat, repair and/or replace those items not in normal working order (defined as the system or component functions without defect for the primary purpose and manner for which it was installed. A defect is a condition, malfunction, or problem, which is not decorative, that would have a materially adverse effect on the value of a system or component, or would impair the health or safety of the occupants or the Buyer).
 
 
Option 1: The Buyers Right to Cancel the Contract
If, in the sole opinion of the Buyer, the results of investigations, inspections, or reviews are unsatisfactory, the Buyer may cancel the Contract by delivering written notice of cancellation to the Seller within 24 hours after the expiration of the 10-day time period specified in the Contract; thereafter the Buyer will receive a refund of the Buyer's Earnest Money.

If the Buyer elects to cancel the Contract based on the results and findings of the inspections and investigations, then the Buyer must deliver written notice stating Buyer's objections to the Property to Seller, in care of the Listing Broker, within 24 hours after the expiration of the 10-day time period specified in the Contract, in which event the contract shall be null and void.

 
 
Option 2: The Buyer's Right to Request Treatments, Repairs or Replacements
In the event the Buyer elects to request the Seller to make treatments, repairs, and/or replacements, the Buyer must submit to the Seller, in care of the Listing Broker, within 24 hours after the expiration of the 10-day time period specified in the Contract, a "Treatments, Repairs, and Replacements" Supplemental Agreement (or "TRR") specifying those items the Buyer wants the Seller to treat, repair and/or replace along with a copy of all the corresponding inspection reports.

Within 5 days of receipt of the Buyer's "Treatments, Repairs, and Replacements" Supplemental Agreement, the Seller must obtain estimates for the cost of treatments, repairs, and/or replacements. The Seller pays the cost of treatments, repairs, and/or replacements up to a maximum "repair cap"stated in the Contract. The Seller then has two days after receipt of cost estimates to inform the Buyer of any amount above the repair cap.

The Buyer and Seller then have three days to negotiate who pays the cost of treatments, repairs, and/or replacements exceeding the "repair cap". This payment of costs in excess of the "repair cap" will be negotiated on a Supplemental Agreement to the Contract.

If the Buyer fails to obtain cost estimates, then the Buyer has 5 days to get cost estimates. There will then be three days to negotiate the amount above the repair cap.

If a written agreement is reached, the Seller must complete all agreed treatments, repairs, and/or replacements prior to the closing date. The Buyer has the right to reinspect the property prior to closing to be sure the treatments, repairs, and/or replacements were done properly. If not, then the Buyer should negotiate another Supplemental Agreement to move the closing date back until the repairs are done to the Buyer's satisfaction. Once the parties have met at the closing table, the time for treatments, repairs, and/or replacements will have passed.

If an agreement is not reached within the time specified, then the Contract becomes null and void and Earnest Money is returned to the Buyer.

 
 
Doing Nothing Is Not Advisable
Regardless of whether the Buyer investigates and/or has inspections of the Property performed, if the Buyer fails to deliver the above written notice to the Seller, in care of the Listing Broker, within 24 hours after the expiration of the 10-day time period specified in the Contract, then the Buyer accepts the Property in the condition or state which existed at the expiration of the time period and the Buyer must proceed to closing.
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Buyer’s Guide Links
 Phase 1 Finding or Building Your Dream House
 Phase 2 Paying for Your New Home
 Phase 3 Making the Offer
 Phase 4 Inspecting, Investigating, and Reviewing the Property
 Phase 5 The Work of the Title Attorney and Closing Company
 Phase 6 Closing Issues
 
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