I Found a Defect Before Closing: What do I do Next?
When you are buying a new home or second home, it is a formality to go through the house one final time. Taking a last look prior to attending the closing is the most common and important thing to do. However, if you were to find anything wrong while you are going through the house one final time, and it was not noticed in your past house viewings or the home inspection guy did not see it, then there is a problem. Below are several tips on how to handle this issue, so you can remain on track to reach your objective of becoming a homeowner. However, bear in mind that it is always helpful to have a Bucks County real estate attorney on your side.
During the Walk Through
What exactly happens when you are doing a walkthrough of the property and the house? There are laws in different states when it comes to buying a home and the requirements of the seller to disclose any problems or defects that are known about the house. These could include termites, leakages, weak structure, fire or water damage, community noise, loose tiles on the roof, and pests infestation; among others. It is always good to hire your own home inspector to do a full and thorough inspection for you before closing, even if the mortgage company hires one. This would be your very first line of defending your asset, so you can detect any issues. Be sure to be in contact with your real estate attorney in Bucks County.
There is generally a clause in the sales contract that gives you a chance to do your final walkthrough and inspection of the house, within a day of the closing. Review the clause with your Bucks County real estate lawyer. This is important. During the walkthrough, this is when you get to notice if the house has been cleaned after the seller moved out. You also get to see if repairs were done and if the seller honored the sales contract with the specific stipulations agreed on. While you are walking through the house, open windows and doors, check the furnace and A/C unit, turn on the lights, run the water in the faucet, and sinks, and flush the toilets. Remember, this is a major investment and it is important for you not to just look around. Take action.
Discovering A Defect
When and if you were to discover that something is wrong while walking through the home, the action you would take depends on how severe the defect is. For instance, if you see a busted-up doorknob, which could be as a result of the seller moving heavy furniture, you already know that is an easy fix and shouldn’t delay your closing. However, if you noticed a water stain on the flooring, which had been hidden by a sofa, then that would be something of contention because you don’t know what the stain means. If you notice a leaky pipe, you should also be concerned because you wouldn’t know the extent of the problem from just looking at it. What do you do next?
Call the Attorney
The first thing to do is to call the real estate attorney Bucks County to report the matter and ask how it can be handled. Most professionals have probably dealt with situations like this and will know what to do. The attorney would contact the seller to make sure that this is fixed. Do not go to closing until the seller corrects it. Usually, the closing would be delayed for only a few days and that would be fine. Before you sign any documents, you want to make sure it is taken care of. It is hard to go back and deal with this once the final documents have been signed.
Ask for Reduction in Sales Price
You can also renegotiate the offer with the seller by asking for some money back or a reduction in the closing cost. You could ask the seller to reduce the sale price, giving you a discount on the things you have to fix yourself. This is one way to deal with it. A real estate attorney Bucks County PA can help you to renegotiate with the seller.
Consult With Your Attorney
Your attorney can take control by holding back the closing funds until the repair has been done or holding some funds to cover the repair cost. You could walk away from the deal if the seller won’t budge, or you can take legal action. That is why you need a real estate lawyer in Bucks County such as Olen Law Office to guide you through the sales process.