Change in Residential Purchase Agreement: Termite Reports
Filed under: Home Tips
Recently, there has been a change in residential purchase agreements. I want to share this information to ensure that you are up-to-date on the new things that are happening in the Temecula real estate industry. Whether you are buying or selling a home, it is important that you know about these updates.
Termite Report and Repair Requirements
Traditionally, the home buyer’s real estate agent would ask for the seller to pay for a termite report as well as any repairs needed as a result of the report findings. Well, the purchase agreement has been redesigned by CAR to encourage buyer’s agents to write it as: the buyer is asking for a termite report. But it is necessary to wait for that report to come in, then the needed repairs are listed on the request for repair document.
So, what does this change mean in the real estate industry? CAR is trying to make it a little fairer for the sellers to find out what might be wrong with the home before committing to repairs.
What These Changes Mean
Is this change in the residential purchase agreement a good or bad thing? In my opinion, I think it is one of those things that “is what it is.” You need to be aware of the requirement and plan to have a request for repairs that deals with the termite damage.
Keep in mind that this step in the home buying process is important to protect your investment. If a property is damaged by termites, then it could result in large home repair bills that you were not anticipating. Even though it takes a little more time to schedule pest control services for a termite report, you need to be aware of the potential issues upfront. Then, we can build these costs into the request for repairs so that the seller is responsible for the damages that need to be fixed.
What are your questions about buying a home? I’m always here to help. If you need more information about real estate in Temecula, then you can call, text or email any time: (951) 473-0390 or [email protected]