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To quote from the new Greater Kansas City approved Residential Estate Sale Contract which went into effect on October 1st, 1997, an Unacceptable Condition is Any Condition identified in an inspection conducted by an independent qualified inspector of buyer’s choice.
Inspectors will discover unacceptable conditions in virtually every inspection.
Buyers know it and sellers know it. The only question is what unacceptable conditions are discovered and how will the parties negotiate the repairs. Buyers must understand that they are not buying new homes. Sellers must understand that buyers have certain expectations with respect to the condition of the property they are purchasing.
The old contract included a blank which limited the amount the seller could pay to repair unacceptable conditions. The problem was no matter what dollar amount was inserted there were arguments over what was truly unacceptable.
Not that much has really changed. If buyers change their mind about a house, there is no way anyone can force them to buy it. The buyer may be subject to legal action however if the seller wants to sell the property generally the buyer is released.
If unacceptable conditions are discovered the buyer may accept the property "as is" , cancel the contract or offer to renegotiate. Most buyers will offer to renegotiate. The new contract however does not mandate the seller repair unacceptable conditions.
Again to quote from the new Greater Kansas City approved Residential Estate Sale Contract which went into effect on October 1st, 1997, If within 5 days after Seller’s receipt of Buyer’s Offer to renegotiate, Buyer and Seller have not executed a written agreement satisfactorily resolving the Unacceptable Conditions OR Buyer has not elected to accept the property "as is" by written notice to the Seller, then either party may cancel this Contract by written notice to the other.
The most common denominators in all successful real estate transactions are sellers who wants to sell and buyers who wants to buy. Unacceptable conditions will not stop buyers who want to buy nor will unacceptable conditions stop sellers who want to sell.
Whether you’re thinking about buying or selling or merely seeking information, rely on me to provide accurate up to date information about the marketplace today.
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