Do you have to pay for a structural survey when you sale your house to a potential buyer?

Question

A potential buyer will only go foward with his offer if we pay for a structural survey on our spiral stair case. What is the law regarding this matter, I thought that it was down to the buyer to pay for the survey.

Answer 1

If you want to sell your house you do, you could offer to split the cost.

Answer 2

There is no correct answer. It is something that the buyer and seller agree how ever they feel is best in the circumstances. Some of the time the party that has the most at risk or the most to gain will pay. If one party has no money then the other might pay but negotiate a higher or lower price if the deal goes forward. Or you can agree that some money from the sale will stay in escrow to pay the fee after the sale is done. Or you can agree that only if there is a problem would the seller pay. This normally means agreeing two prices. One based on the land meeting some assumption but if the survey proves otherwise a different price will apply. In some ways if the estate has no money then it does not matter who normally pays. Obviously the buyer has to pay or there will be no survey. The estate can therefore agree to cover the costs out of the sale proceeds if the deal completes. This forces the buyer to consider if they want to take the chance on the survey and then not complete the sale.

Answer 3

Traditionally the buyer pays for surveys. Although there is no law saying a survey is required or who pays for it, in practice a building society or bank will require it before lending money to buy the property - hence the buyer pays.

Things are changing tho - the government is trying to introduce home seller packs when the seller will have to pay for surveys. That's not in place yet tho except for a small number of trial areas.

Whether you pay for this specific survey is very much down to you and the circumstances - if you're desperate to sell, it may be worth it. Otherwise perhaps try negotiating with the buyer and maybe split it 50/50.

Of course, if you don't want to pay, and the buyer pulls out, your back at square one and have to find another buyer.

Answer 4

no, I'm not sure if they've changed the laws on it again, I do know they were trying to set up something to that effect...but I'm sure I read somewhere that it's not the case no more

but no, I do know for a fact at present the buyer still has to pay to get the structural survey done


that's a good idea to split the cost if you're happy doing that

but if you've got other potential buyers and not that desperate to sell, then they (the buyers) should pay the full costs

Answer 5

There's no law governing two adults negotiating a contract. If you don't like the terms of the contract.......walk away or counter. What the heck would be wrong with a buyer that they would want a "survey" (I assume by a PE?) for a spiral staircase???? Is it some dang old rickety thing some hobnobber built? If it's from a manufacturer (should be a plate somewhere on it) contact them and they'll provide all the engineering data you'll need. Where's your realtor; sitting at the closing table waiting on their check??? ( I haven't had my coffee yet)

Answer 6

No, you don't have to pay, but then they don't have to buy your house. Look at it from the buyer's perspective: let's say the survey reveals that the staircase is defective. They can choose to walk away from the deal and you still own the house, along with the survey which you can use later. Makes sense that the seller should pay for the survey.

Rick
www.fairwaymortgagelending.com

Answer 7

It is normally down to the buyer to pay for the survey. However, they can make demands. You're not legally obliged to honor them, but then they're not legally obliged to carry on with their purchase until contracts exchange.

You are in a tricky position because you could pay for the structural survey (which is expensive) and still lose the buyer. If you're in a property which is in demand, then you're probably better off (depending on your circumstances) sticking to your guns, and finding another buyer if necessary. Otherwise, its up to you. You could talk to your solicitor and estate agent, and see what they suggest.

Answer 8

If he wants this house bad enough he will pay for it himself, split it with you or just not buy the house. I have lowered the price of my house and sold it" as is " There are ways top bargan with interested buyers. Then, what if you do the survey and he backs out? It may be up to the buyer but, laws are different from state to state.

Answer 9

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Answer 10

This is one of the situations the Home Information Packs were supposed to resolve, by putting the burden on the house seller to have a home survey done. This was the item the government has now removed from the HIPs, but you will still need one from 1st of June 2007, but the potential buyer will need to commission surveys.

The simple fact remains, if you are buying a property it is your responsibility to make sure of its condition.

Answer 11

You by no means have to (yet). But if they are insisting and you have no other interest in the property then it might be worth considering. Sometimes selelrs have to pay for things they don't want to or feel they shouldn't need to in order to get a sale through.