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Shar NJ

Termites/Large Repairs

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Hello All! I have a property that the tenant/buyer wants to close on in the fall however, it has just been discovered that the property has termites. As is outlined in the paperwork, the tenant is responsible for the repair; but they are really fighting me on this. It is a CA, both the tenant and landlord are seeking my advice....typically how do you handle it when there is a large repair such as termites or structural?

 

I have advised both to each pay 50% but neither will agree at this time.

 

Thanks!

 

Sharyn

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Sharyn, first bit of advice is to not give either party advice. You're neither a Realtor nor an attorney, and you don't represent either party. In fact, this being a CA you assigned the deal and are out of the loop, as per the CA Assignment Agreement that everyone signed.

That said, if you feel you must keep open lines of communication with both parties, I suggest you tell them to reach a settlement or contact their respective attorneys, which will end up costing them even more.

For what it's worth, my very non-legal opinion is the seller will ultimately be required to pay the cost of rectifying the issue. Regardless of what the agreement they signed states, state law supercedes the agreement and most states require an existing condition such as termites to be the responsibility of the seller. Again, just my non-legal opinion.

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