Question:
We have been trying to sell our house for the last year and recently got what we thought was a pretty good offer. We had come to terms with the fact that we were not going to do much more than break even, but after the buyers had their inspection and gave us a list of everything they wanted fixed, we are actually going to be losing money on the sale. Do sellers have no rights as far as inspections and repair requests are concerned?
Answer:
According to the North Carolina Offer to Purchase and Contract, “built in appliances, electrical system, plumbing system, heating and cooling systems, roof coverings (including flashing and gutters), doors and windows, exterior building surfaces, structural components (including foundation, retaining walls, columns, chimneys, walls, floors, ceilings, and roofs), porches and docks, fireplaces, crawl space, and attic ventilation systems (if any), water and sewer systems (public and private), shall be performing the function for which intended and shall not be in need of immediate repair.”
The two key phrases here are “performing the function for which intended” and “not being in need of immediate repair”.
A twenty year old roof that has no leaks is performing the function for which intended and is not in need of immediate repair. But what if the buyer insists that the seller replace the roof since it is nearing its maximum age? Is the seller contractually obligated to replace the roof? No, sellers do not have to make repairs on the basis of anticipated problems/issues.
Now, getting back to your question, you as the seller do have several options in accordance with the NC contract:
1. You can agree to complete the necessary (required) repairs.
2. You can refuse to make the repairs, and if this is the case, then the buyer has the option of “accepting the property in its present condition”, or by “terminating the contract”.
3. There’s also a third possible solution, and that is for the buyer and seller to come to terms and compromise over what repairs will or will not be made.
The home selling/home buying process should be an amicable process for all concerned without the seller (or the buyer) feeling used and abused.
Hello,