Under the new VAR Inspection
form, if the results of the inspection are unacceptable to the buyer, the buyer
has two options. The Buyer can either "provide the Seller, prior to home
inspection deadline, an entire copy of the report and a written addendum listing
the specific existing deficiencies that the Buyer requests the Seller to remedy
along with the Buyer's suggested remedies." OR, "the Buyer can simply provide
written evidence that such inspection was performed along with a notice
terminating the contract. Upon request by Seller, Buyer shall
provide an entire copy of the inspection report to the Seller."
The Buyer will have to pay a few
hundred dollars to terminate the contract, but this new contingency does
provide the Buyer with a giant "get
out of jail free card." Hopefully, this possibility will
only be used if there are real inspection issues, but it definitely could be
abused.
P.S. Tucker's Tips will continue
to monitor the situation.
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, VA
434-973-7474
www.TGBlaw.com
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