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JEROME GERAGHTY

GLO specializes in Real Estate and Business Law, including Real Estate Transactions, Buying and Selling a Home, Real Estate Investment and Landlord Issues; Business Formation and Development; and Contractor Issues and Mechanics’ Liens

 

Navigating Property Inspection Issues in Real Estate Transactions

Property inspections are a critical part of the home-buying process, allowing buyers to identify potential issues with the property and determine whether repairs, improvements, or concessions are necessary. After the inspection, buyers and sellers must negotiate to address these concerns, ensuring a fair and smooth transaction.

Common Inspection Requests

  1. Repairs:

    • The buyer requests specific repairs or improvements to be completed by the seller before closing.

    • Sellers can agree, negotiate which repairs will be made, or offer alternatives.

  2. Concessions:

    • Instead of making repairs, the seller may offer financial compensation or a price reduction.

    • This option allows buyers to handle the repairs after closing while ensuring they are fairly compensated.

  3. Negotiations:

    • Both parties work collaboratively to agree on an acceptable solution.

    • The final agreement is typically formalized through a contract amendment or Inspection Resolution document.

How to Handle Property Inspection Issues Effectively

For Buyers:

  • Identify Priorities: Focus on major issues affecting safety, functionality, or property value.

  • Prepare Objections: Clearly outline requested repairs, concessions, or other resolutions.

  • Evaluate Seller Responses: Consider the feasibility and fairness of counteroffers or alternative solutions.

For Sellers:

  • Assess Requests: Determine which repair or concession requests are reasonable and within budget.

  • Negotiate Strategically: Offer solutions that balance the buyer’s concerns with your financial goals.

  • Minimize Liability: Ensure any agreed-upon repairs or concessions are documented clearly to avoid disputes post-closing.

The Role of GLO in Inspection Resolutions

GLO provides tailored guidance for buyers and sellers during the inspection resolution process. Our services include:

  • Advising on Objections and Counteroffers: Ensuring your requests or responses are strategic and legally sound.

  • Drafting or Reviewing Amendments: Helping to formalize agreements to avoid ambiguity or future disputes.

  • Minimizing Liability: Identifying potential risks and ensuring resolutions protect your interests.

Conclusion

Property inspection resolutions are an opportunity to address concerns and reach a fair agreement before closing. Whether you’re negotiating repairs, concessions, or amendments, GLO can guide you through the process with expertise and confidence.

Contact GLO today to consult on your property inspection issues and protect your interests during your real estate transaction.

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