Matt, Home Buyer in Oklahoma City, OK

Contract Dilemma

Asked by Matt, Oklahoma City, OK Wed Aug 15, 2012

Scenario: Seller and buyer enter into contract agreement.(both have real estate agents) Buyer has a home inspector come inspect the house. Inspector says the roof is "defective." Roof was inspected 1 year ago and the roof was in "good serviceable condition." Buyer goes behind seller's back and states that a roofer came out too without seller being there and inspected the roof and agreed with home inspector. Buyer now wants to back out of contract and return of ernest money. Seller wants a copy of the inspection report and the name of the inspection company. The buyer will not provide a copy. Is the seller entitled to receive a copy of the inspection report? The buyer gave no time for the seller to address the issue. It's all word of mouth. Seller has not received any documents stating what the problem is with the roof.

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Answers

9
Jeffrey Langum’s answer
Hey Matt,

In Oklahoma our contracts are written with much more protection for the buyers than there are for sellers...(insert political reference about us being a "populist" state here). That being said, while it may not seem fair, buyers do have the right to be released from the contract for just about any and all reasons, if it is within the 10 day inspection period. As Josh Barnett references, the buyer's right to exercise clause, 7. C. 2. a. to be released from the purchase contract and receive full re-imbursement of the earnest money, does not have to be supported by a licensed inspection, actual inspection report, or even documentation. Our contracts actually do not even specify that the buyer's "inspection" of the property has to be done by a licensed inspector of any kind, and can, in fact, simply be the buyer driving by the house and seeing something that bothers them about it. This doesn't mean that there aren't ethical problems with a buyer backing out of a contract that they signed in good faith, based on issues that could have been addressed, but the ethical "right thing to do" is different than the legally binding, contractual obligations of the buyer, which are much more loose than most people realize, and do allow a buyer to back out, for anything they deem as an "inspection" of the property that they are unsatisfied with.
0 votes Thank Flag Link Mon Sep 10, 2012
The buyer must show documentation in order to cancel the contract and get their money back. A roof must be insurable to get a mortgage and should be in overall good condition. The problem with roofs are they wear hard and heavy, especially in Oklahoma so unless a roof is less than 10 years old, it will more than likely have issues. Why we can't invent a more affordable and reliable solution to a comp roof is beyond me.

Seller has right to ask for and receive proof showing there are issues with the roof or any other repairs but I hate to say this but a buyer can pretty much back out of a contract for any reason if they are still within the time periods for inspections. Must have been some less than brilliant people drawing up these contracts.

A seller could hold off signing on the return for earnest money until the proof is received. I would think a buyer would be more than willing to provide this paperwork to get out of a contract but something fishy could be in the works. Good Luck!

Russell Benson, REALTOR®
Prudential Alliance Realty
405.378.4442
http://www.RealEstateOKC.com
1 vote Thank Flag Link Wed Aug 15, 2012
Hi Matt:

The buyer in my opinion should go through with the deal and have his Realtor write a TRR for the Items that need to be repaired, As for as the buyer haveing a roofing co go look at the roof, right now in oklahoma city this is an every day occurence, I do not think this is a bad thing,

Also what is the time line and the amount of the TRR if there is a minimal amount of money set for repairs then the buyer may think that they will have to repair the rest, His Realtor needs to explain to him about the time line and the TRR, This is an OREC contract and everything is spelled out very well:

How ever if the buyer thinks all the repairs are in an excessive amount and and everything was done with in the time line he has the right to back out:

As for as the home inspection no the seller does not get it only unless the buyer authorizes it, which in most cases I will authorize it because it cuts down stress and disbelief, There must be a TRR presented by the Buyers Realtor and signed by the buyer
0 votes Thank Flag Link Wed Aug 15, 2012
Matt,

The OREC purchase contract has timeline and guidelines to follow, review the purchase agreement that both parties agreed to.

On the OREC purchase contract, the buyer can exercise clause, 7. C. 2. a. to be released from the purchase contract and receive full re-imbursement of the earnest money if this clause is exercised within the agreed time period.

In disputes, the purchase, as the consumer, is move favorably looked upon typically. When dealing with real estate everything has to be in writing, only what is in writing can be argued.

OREC's purchase agreement: http://www.ok.gov/orec

Hope this helps,

Josh Barnett, Realtor
Web Reference: http://www.1ListingFee.com
0 votes Thank Flag Link Wed Aug 15, 2012
If you used the OREC contract of sale of real estate, all of your questions and issues are addressed within the contract. What did you use as a "contract"?

Brian Edwards, Realtor
Keller Wiliams Edmond
405-209-4737
0 votes Thank Flag Link Wed Aug 15, 2012
Seek a 30 minute free consult with a local real estate attorney.

http://www.naplesrealestateguys.com/
0 votes Thank Flag Link Wed Aug 15, 2012
If the contract is cancelled within the inspection period, the buyer is within his rights. The buyer has the right to have the home inspected to his satisfaction. If the inspection time has expired, that's a different story. You may want to check with a real estate attorney.
Hope this helps.

Bridgett Wells
Keller Williams Realty
651-9320
0 votes Thank Flag Link Wed Aug 15, 2012
If the Realtors used to OREC contract (11-2011), contract states what the Seller shall receive from Buyer. Contract also states how Buyer can cancel contract if inspection results are not favorable and receive a refund/return of earnest money. Due to Oklahoma Broker Relations, this forum may not be best-suited for your requests. Talk to your Realtor and/or seek legal guidance.

If you want to sell, then get 2ndary opinions and find a solution best for ALL parties. Otherwise, release current Buyer, remedy any issues from inspection report, and get the home back on the market.

Best of luck!
Web Reference: http://www.ubhometeam.com
0 votes Thank Flag Link Wed Aug 15, 2012
It all depends on what your contract says. Are you a Realtor or the seller?
0 votes Thank Flag Link Wed Aug 15, 2012
seller. I have no idea what the contract says. Never got a copy. I am being pushed to sign the release contract.
Flag Wed Aug 15, 2012
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