There are three (3) main rights a Buyer has in a transaction. Each of these should be protected and documented. If Buyer does not do any or all of these each one needs a waiver in the file.
1.) THE RIGHT TO INSPECT: Each Buyer has the right to inspect anything he wants to know about this property. Please present form BIE (Buyers Inspection Elections) so that they are made aware of the various types of inspections available. Not everyone knows they can have as many inspections as they want or that certain inspections are available. This form not only makes them aware but shows you gave them the opportunity to not only KNOW about these inspections, but to choose to do them. While we do not require this form at this time, it is invaluable for making sure Buyer knew and chose for themselves what inspections they want. Of course, if there are to be no inspections, we need the BIW (Buyers Inspection Waiver) form signed and loaded into Skyslope.
2.) THE RIGHT TO REQUEST REPAIRS: Even though the RPA-CA says all properties are sold is AS IS (present condition) or the MLS has said AS IS sale, all Buyers have the right to ask for repairs. This does sometimes take some thinking though and wise choices must be made. Asking for a laundry list of items without bidding the cost of repairs them or sorting them for seriousness often results in the whole list being declined. Also when you go into a deal knowing Seller doesn’t want to fix anything, it better be important what you ask for. Obtaining bids for any work will also save Seller time in decision making and also makes your request look more viable. If your buyer wishes to waive repairs, they must do so in writing. Please see FAQ article on Waiver of Request for Repairs.
3.) THE RIGHT TO “WALK THRU” BEFORE CLOSE OF ESCROW: The Buyer has the right to see the property up to five days before close of escrow. Then law only requires the property to be “broom swept” and the that property be in similar condition to what was shown on MLS and at contract. This is also when Buyer has a chance to see any finished repairs and make sure they are satisfactory before close of escrow. If not, then the VP (Verification of Property Condition) should be used to notify the Seller as to what is not done. Doing the walk thru in time to delay close of escrow if necessary is an important step of the process and should not wait til the last minute.
As always, you AJI Brokers are standing by to help with any questions or concerns regarding any of these Buyer’s Rights.
Mary Jane Morris – Riverside Broker
About Allison James Estates and Homes:
Founded in 2008, Allison James Estates and Homes (AJI) is ranked one of the top 20 real estate brokerage firms in the nation that uses a new business model based on cutting edge technology and remote agent representation. Every Allison James agent keeps 100 percent of their sales commission in exchange for a flat monthly fee. Headquartered in Carlsbad, CA, Allison James employs more than 1200 licensed real estate agents in 16 states. Since it founding, Allison James has experienced exponential year-over-year growth in both velocity and volume. In 2015, Allison James posted 9,600 completed real estate transactions valued at $2.8 billion.