Tuesday, December 15, 2015

Can the buyer terminate if I've already paid for repairs?

I signed a contract to sell my house in which I agreed to repair six items. I also agreed that the buyer could have a 10-day option period. I was worried that the repairs wouldn't get done before closing, so I hired a roofer and plumber to get started on the repairs. But on the last day of the option period, the buyer terminated. Is he allowed to do that? Yes. The buyer will have the right to terminate under the option period regardless of whether you make or start to make repairs. If you used a Texas Real Estate Commission contract, you are obligated to complete all agreed-upon repairs prior to closing. However, you can ask the buyer to extend that closing date if you think you need more time-just get any extension agreement in writing.

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