Can I negotiate repairs with the seller based on the building inspection report?
Yes, you can negotiate repairs with the seller based on the findings in the building inspection report. In fact, it’s a common practice in real estate transactions for buyers to use the inspection report as a basis for negotiation. Here’s how you can go about it:
Review the Inspection Report
Carefully review the inspection report with your real estate agent or attorney. Pay close attention to any significant issues or safety concerns identified by the inspector.
Prioritise Your Concerns
Determine which issues are the most critical and warrant negotiation. These might include structural problems, safety hazards, major plumbing or electrical issues, or anything that could affect the property’s value or your ability to live in it safely.
Request Repairs or Remedies
Decide whether you want the seller to make specific repairs, provide remedies for the issues, or offer a monetary credit or reduction in the purchase price to cover the cost of repairs. Your request should be clear and specific.
Present Your Request
Your real estate agent or attorney will typically communicate your repair request to the seller’s agent or attorney. It’s essential to approach negotiations respectfully and professionally to maintain a positive relationship with the seller.
Negotiate in Good Faith
Be prepared for negotiations. The seller may counter your initial request, and you may need to work together to reach an agreement that both parties find acceptable. Be willing to compromise if necessary.
Request Additional Inspections
In some cases, it may be advisable to request further inspections or assessments by specialists if the initial inspection report suggests complex or extensive issues.
Once you and the seller have agreed on repairs or remedies, make sure the terms are documented in an addendum to the purchase contract. This document should outline the specifics of what will be done, who will do it, and when it will be completed.
Before closing, conduct a final walk-through to ensure that the agreed-upon repairs or remedies have been completed to your satisfaction.
It’s important to note that not all repair requests may be granted by the seller. Some sellers may be more willing to address major safety or structural issues, while others may be less inclined to address cosmetic or minor concerns. The outcome of negotiations often depends on the local real estate market, the motivation of the seller, and the specific circumstances of the transaction.
Ultimately, the building inspection report serves as a valuable tool to protect your interests as a buyer, and negotiating repairs based on its findings is a standard and recommended part of the home-buying process.