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Hello and welcome to this presentation or short seminar on three things to know about the buyers request for repair I'm Jim Urquhart first this is being recorded on November 11, 2013, you also need to know that this pertains to the United States specifically the state of California and residential real estate transactions in the state of California like detached homes or condo transactions for better or worse that's me I'm Jim Urquhart again I am an attorney at law in California I am a realtor, and I'm also a real estate broker here's the three things you need to know one the buyer has 17 days to inspect the property after the contract to the buyers' contingency continues until removal of the contingency or cancellation of the contract 3 the seller has no obligation to even respond to the buyers requests I'll cover this in more detail in a second, but those are the three key things let me set the stage this is how the issue comes up, so we have a seller that has a house, and it's been listed for five months sellers house been on the market for five months the list price has been dropped by the seller twice already now it's down to five hundred and twenty thousand dollars list price a deal was reached between buyer and seller to sell the property for five hundred thousand dollars that's a twenty thousand dollar price reduction from the last list price escrow is now open, and now it's time for the buyer to hire a professional property inspection firm that typically costs the buyer between 250 and 350 dollars they're not real expensive but considering the thing that you're doing buying how buying a home buying or real estate that it is pretty reasonable considering the subject, so the property inspector goes out looked the property in question and found 57 items which were less than perfect and put it on a list and now the buyer I don't know how wise it is, but many buyers will like it or not take that punch list in this case 57 items from the property inspection firm that were less than perfect about the property give that to the seller and asked the seller to fix or repair all of them and that's what was done in this case let me get a little specific here a couple items just to give us a feel for this one item say is the grout in the bathroom and the other another item is a broken beam rafter beam in the Attic now the grout was in the bathroom that was seen by the buyer when he made an offer on the property but the beam in the Attic that likely was not so that probably wasn't seen wasn't known until it was discovered during the property inspection, so I'll just talk about those two items to give us a little of a feel a little of a flavor for what's going on between the buyer and seller with respect to the request for repairs the main document we look at for the sellers rights and the buyers rights is this document Carr form our PA the California residential purchase agreement and joint escrow instructions this is the offer document when the buyer...
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