buyer has requested a reduction in price in lieu of termite work. His addendum states a reduced price and as is but does not exlude termite work?

Asked by Michael Kattz, Walnut Creek, CA Thu Dec 9, 2010

The transacation is to close in one week. The termite work was to be done after all contingencies were dropped. The contingencise were not dropped in time to perform the termite work. They have presented an addendum that states the reduced price building to be sold as is. Should the addendum say in lieu of termite work? Should it be written as an amendment instead? When the termite work was agreed to the buyer stated that the bank required it. Now they are saying anything about bank requirements? Should I resind my offer to do the termite work if they presented it as a bank requirement and it is not a bank requirement? This is a commercial building.

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Lisa Bane At…, Agent, Richmond, VA
Tue Mar 22, 2011
Each state is different. In Virginia, it is written in our contract that the seller will have the inspection done.
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