Sold by Owner
 1703 Quail Creek Drive, Norman, OK
Sold
Buyers Guide

Inspections and Repairs – A Detailed Explanation

If the Buyer elects to request that the Seller make treatments, repairs, and/or replacements, the Buyer must submit to the Seller, within 24 hours after the expiration of the 10-day time period specified in the Contract, a "Treatments, Repairs, and Replacements" Supplemental Agreement (or "TRR") specifying those items the Buyer wants the Seller to treat, repair and/or replace along with a copy of all the corresponding inspection reports.

Items subject to TRRs are those items not in normal working order. Normal working order is normally defined as a system or component that functions without defect for the primary purpose and manner for which it was installed. A defect is a condition, malfunction, or problem, which is not decorative, that would have a materially adverse effect on the value of a system or component or would impair the health or safety of the occupants or the Buyer.

Within 5 days of receipt of the Buyer's "Treatments, Repairs, and Replacements" Supplemental Agreement, the Seller must obtain estimates for the cost of treatments, repairs, and/or replacements. The Seller pays the cost of treatments, repairs, and/or replacements up to a maximum "repair cap" stated in the Contract. The Seller then has two days after receipt of cost estimates to inform the Buyer of any amount above the repair cap.

The Buyer and Seller then have three days to negotiate who pays the cost of treatments, repairs, and/or replacements exceeding the "repair cap". This payment of costs in excess of the "repair cap" will be negotiated on a Supplemental Agreement to the Contract.

If the Seller fails to obtain cost estimates, then the Buyer has 5 days to get cost estimates. There will then be three days to negotiate the amount above the repair cap.

If a written agreement is reached, the Seller must complete all agreed treatments, repairs, and/or replacements prior to the closing date. The Buyer has the right to re-inspect the property prior to closing to be sure the treatments, repairs, and/or replacements were done properly. If not, then the Buyer should negotiate another Supplemental Agreement to move the closing date back until the repairs are done to the Buyer's satisfaction. Once the parties have met at the closing table, the time for treatments, repairs, and/or replacements will have passed.

If an agreement is not reached within the time specified, then the Contract becomes null and void and Earnest Money is returned to the Buyer.