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.
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, REALTORÂ®
Prudential Alliance Realty
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
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
Hope this helps.
Keller Williams Realty
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!