Repairs Required

Buyer must take action when repairs required by the mortgage company or the insurance company must be made as a condition of financing or insurability. Paragraph 8(F) shows the Buyer must notify the Seller of any problems and then if the Seller will not make the repairs or does not answer in the allotted time then the Buyer has two options.

”Within___(5) DAYS of receiving the copy of the requirements, Seller will notify Buyer whether Seller will make the required repairs at Seller’s expense.

1. If Seller makes the required repairs to the satisfaction of the mortgage lender and/or insurer, Buyer accepts the Property …

2. If Seller will not make the required repairs, or if Seller fails to respond within the stated time, Buyer will, within ___(5) DAYS, notify Seller of Buyer’s choice to:

a. Make the repairs/improvements at Buyer’s expense, with permission and access to the Property given by Seller …

b. Terminate this Agreement by written notice to Seller, with all deposit monies returned to Buyer …"

If Buyer Does Not Take Action

”If Buyer fails to respond within the time stated … or fails to terminate this Agreement by written notice to Seller within that time, Buyer will accept the Property…”

This wording will be standard in Part 3 for the property inspections. Seller takes action if Buyer defaults, or if there are any problems with the mortgage commitment. Otherwise, buyer must take action.

Return From Repairs Required To Part 2 – Mortgage Contingency