Can the buyer terminate if I’ve already paid for repairs?
12/15/2015 | Author: Legal Staff
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.
Have a question about buying, selling, or leasing property in Texas? Ask us. Not all submitted questions will be answered.
Repairs were needed anyway for this or the next buyer .
You are now ready for a second buyer who will appreciate a good inspection report .
If you are going to sell odds are those repairs, if necessary, will come up with the next buyer if not performed now. Consider yourself ahead of the game with a couple of objections removed and start looking for your next buyer!
Leave a Comment
The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.