Thanks for all your informative advice. Actually the exact wording goes exactly like this,
Property Inspection Report
As per Property Inspection, this Contract is subject to the Buyer`s approval of a property inspection.
To update you all, well I did ask for a discount...unfortunately it was declined. The seller said that the price was too low already.
I wonder if I could still demand that the minor repairs be done. Or should I either accept it as it is or walk away with it?
QUOTE (thomasbeyer2000 @ Nov 17 2008, 11:41 AM) some comments:
a) "Subject to a professional inspection" is NOT a condition !! It is bad / incomplete English and incorrect. Now that the inspection is done you have no right to get a discount. The seller could (but may not) state that you had a professional inspection and that you should now remove your condition. He could sue you if you do not do that !! He likely won`t .. but be very careful how you word a condition.
b) The sentence should state: "Subject to a professional inspection satisfactory to purchaser". Now that the inspection is not satisfactory to you you can:
- walk away, i.e. do not waive the condition
- change the contract, while still leaving it conditional, say on financing
- change the term of the contract, and go unconditional
You could send this amendment form
================================
Contract Amendment and Condition Waiver
The contract MLS # _________________ dated _____________ contains a condition, namely clause __________. Clause ____ is hereby waived and purchase price is hereby reduced from ______________ to ______________.
All other terms remain in effect.
This is now an unconditional contract once signed by buyer and seller
Signed: _________________________ (buyer)
Signed: _________________________ (seller)
============================================
The risk is that you will lose the contract if he doesn`t agree on your price reduction. Hence you have to be sure that you only wish to buy it with this amendment and not the original price. You may decide that the items are minor and buy it anyway !
You could also use this form, where you ask him to repair it, or keep the $s in trust, which may not increase your cash to close, so this is preferred:
============================================
Contract Amendment and Condition Waiver
The contract MLS # _________________ dated _____________ contains a condition, namely clause __________. Clause ____ is hereby waived and seller agrees to fix the following items:
a) ___________
b) ___________
c) ___________
..
Buyer and seller agree that a holdback (in trust with purchaser`s lawyer) of $12,000 is reasonable in order to ensure that these items are fixed by _________. Upon possession date purchaser will confirm repair status and will then release $s in trust if all items have been repaired. Seller may chose not to repair items and buyer is then authorized to use $s in trust for repairs.
All other terms remain in effect.
This is now an unconditional contract once signed by buyer and seller
Signed: _________________________ (buyer)
Signed: _________________________ (seller)