Repair Addendum - Lease Options,
What is a Repair Addendum
When the house is to be sold and the seller and buyer accept the terms and conditions, they enter into something which is called as the Sale Agreement. However, there is normally a Repair Addendum that is added to the sale agreement. This addendum is presented to the seller but does not mean that it is a counter offer of the buyer or that the buyer has refused to honor the existing sale agreements. The seller does not have a deadline for the acceptance of this and both parties could also consider incase any written extensions are needed for the inspection periods.
The seller also can ask for a copy of the inspections based on which the items in the Repair Addendum are based. If the repairs which are to be done as well as the corrective action goes beyond the date of scheduled closing, then the parties should agree upon a new date for scheduled closing and mention it in the addendum as well.
The repairs or the corrective action should be undertaken as per the laws and the codes as well as the ordinances of the state and it should be paid by the seller before the date of the closing. The date of completion is to be mentioned and the seller has to give a selling licensee written notice that the corrective action has been completed and the buyer as well as the buyers inspector needs to complete and reinspect the property and confirm that the repairs as well as corrective action is completed within a stipulated period else it is deemed as completed.
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