Signed a purchase agreement on a 4 plex. All the furnaces had cracked heat exchangers. Two got red tagged and had to be replaced immediately does the replacement of these two fall under the category of maintenance of property on the contract. Because these posed a eminent danger. Closing is in three weeks
2007-11-12 22:59:18 · 3 answers · asked by oyis 1 in Business & Finance ➔ Renting & Real Estate
seller makes all repairs or deduct cost. or walk away.
house did not past inspection. your contract will stop deal on this.
2007-11-13 05:19:06 · answer #1 · answered by Ralph N 5 · 0⤊ 0⤋
Sounds like you have written a purchase agreement with an inspection contingency attached? So that if something came out during the inspection, you would have the right to re-negotiate the contract price or terms, or you can ask for seller to repair, or you could cancel the purchase agreement.
Furnaces aren't cheap, but if you can work the cost into your budget in running this place, at lease you know they are new and you shouldn't have any issues with them for a long time. Also you might be able to deduct the costs or some portion on your taxes as an expense, check with a tax advisor.
But it's your call. Good Luck!
2007-11-13 07:37:22 · answer #2 · answered by Alterfemego 7 · 2⤊ 0⤋
Much depends on how your purchase contract was written concerning the contingency of an acceptable property inspection. In most states such contingencies do not require the seller to pay for such repairs, while giving you the option of backing out of the purchase agreement because of the defects.
You will need to analyze whether your price offered was sufficiently low to make this a good purchase, even if you must pay for new furnaces. The choice is yours.
2007-11-13 07:14:56 · answer #3 · answered by acermill 7 · 0⤊ 0⤋