Who pays for repairs?

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Updated: 4/13/2007 10:48 am
The person paying the cost of repairs is generally negotiated between the buyer and the seller. It depends upon the magnitude of repairs and whose interests are benefited the most. Many times the contract is written with a clause that the deal is contingent upon a satisfactory inspection. If defects are found, the contingency clause gives the buyer the right to withdraw from the contract if the buyer and seller cannot come to an agreement on responsibility of the repairs. Often, the sellers are responsible for repairing defects found during the inspection. However, most contracts set an agreed upon limit in order to protect the seller from having to undertake large, expensive repairs. A seller who does not want to make the repairs, may simply reduce the asking price by the amount needed for the repairs. For more information on repairs, contact an inspection or real estate professional.
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