Property Inspection and Repair
Section (b) contains information on the General Property Inspection and Repair. The third section, section (iii), addresses the General Property Repairs. Here it states that the Seller is only to make general repairs that are necessary to bring items to the condition that is required in section 12(b)(ii). Seller has 10 days from receipt of a notice by the Buyer or a General Inspection report to conduct a second inspection and then to provide a copy of the report to the Buyer. Both reports must be done by a Professional Inspector. If Buyer and Seller’s Inspection reports differ and both parties cannot agree on a resolution, then a third inspection must be done by a Professional Inspector that both parties choose and split the cost for. The third inspector’s report will be binding on both parties. If the cost of the repairs exceed the General Repair limit, within 5 days of last estimate the Seller can elect to pay the additional cost of the repairs, or Buyer can choose the items that they want the Seller to repair and the items that can remain as is, as long as Buyer stays within General Repair limit.
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