Yes in California a buyer have 12 months to do so. If the seller has left the state it is very difficult to do enforce it. The buyer can sue. They most likely will win if there was a failure to disclose. If the seller did not know about it, the seller may have an out.
It sounds like you are not using a real estate agent, while that sounds like a good idea, t for most people it really isn't. Especially since this cash buyer most likely has you discounting the price so you are getting less money than if you had hired an agent.
So doing a home inspection discloses all of the problems in advance and avoids the law suits
Also we avoid lawsuits because :
If the problem is dry rot, termites or moisture it may have been something the termite company is liable for. Do a termite inspection give the results to the buyer.
Most sales have a home warranty attached to it. The home warranty should cover almost everything else.
Get the warranty and do the inspections.
The buyer has 3 days to back out of the sale based on the home inspection and therefore is in position to renegotiate the sale with you. Once any repairs are disclosed the buyer can not come back and sue you later. They can back out of the sale and you can fix the item to keep them from doing that. If you are hiding problems you may be liable to pay their costs.
If you are not using an agent, you are still required to give the buyer disclosures, have escrow purchase the disclosure package, it is usually a hundred dollars or so. If the buyer does not get these disclosures again they have 12 months to come back and sue you.
Don't over think this sale....just have your agent put verbage in the contract that will protect you...such as "No warranty...no repairs...no guarantees, property is being purchase "As-is"...or whatever verbage is commonly used in your area.....since the buyer is an investor, I would not worry about court....the last thing they want is to appear in court.......you do not have to agree to repairs after an inspection....don't you have an experienced agent to help you with this or are you trying to sell the house yourself....? If you are, I would recommend hiring a broker to help with the sale and negotiate a fair commission for his/her assistance. Since you are providing the ready willing and able buyer...a fair amount would probably be around 3%........they will handle inspections, verbage and other things to protect you.....they also will handle any price reduction issues.....this will be a consultation fee.....not a commission on the sale....
Linda M. Lukas
Can we refuse to lower the price then?
What would happen if we refuse to lower our price and refuse to repair or pay for those repairs?
This is a very general way to put out your question. First, you need to ask your agent. second, if the repair or repairs you are referring has already requested in your request for repair before closing or not? Have noticed this issue/repair at your final closing. It is very " If and But" involved with this question. Therefore, please take this question with your agent or his.her broker.
Best of luck
This question is not easily answered. More details are necessary and what promises were made in writing. The easy answer is...if promises were made in writing, the answer is "yes"...if no promises were made in writing, the answer is "no". That is the easy answer without knowing the details....care to talk about it? Give me a call
Linda M. Lukas