This form will be used after the Home Inspection has been completed and will be filled out by your Realtor. It is, in essence, a counter-offer to the seller asking that items considered defective or problems relating to the safety or habitability of the home be corrected prior to closing.
Only items that relate to habitability, safety or defects are usually re-negotiated using this form however our inspection will have noted all items of concern that need to be addressed including routine maintenance items which do not fall under the seller’s responsibility.
It is important that this completed form is returned to the seller’s real estate agent within the time frame allowed for your Home Inspection to be completed (the home inspection period).
In the event that the purchaser’s Inspections disclose any defects in the property, the seller has the right, for a period of 10 calendar days after the expiration of the Inspection period, to either repair the defect in a good and workman-like manner, using contractors reasonably acceptable to the purchaser, or to provide other assurances reasonably acceptable by means of an escrow of funds at closing for the repairs or otherwise.
If the seller is unwilling or unable to repair the defect or to provide the assurances described above during the repair period, the purchaser shall have the right to cancel the purchase contract and have the earnest money returned. Should the right of cancellation be exercised, written notice must be given to the seller within five calendar days after the earlier of,
- receipt of written notice from seller stating that the seller is unwilling to make the repairs or provide the assurances described above, or
- expiration of the repair period.
NOTE: Failure by the purchaser to cancel the contract within this five calendar day period, shall constitute a waiver by the purchaser of any uncured defects and the purchaser shall take the property “as is” with respect to such defects.
The above information was taken from an overprint of the form used for this purpose approved by the Dayton Area Board of Realtors.