Does a seller get a copy of the buyer’s inspection or appraisal?

Transcription

In this short video I will answer the question whether or not the seller is entitled to receive a copy of the property inspection or the appraisal the answer can be found in the residential purchase agreement specifically paragraph 12 be all read the text which is a little dense and then we’ll discuss it says the seller shall make the property available for all buyer investigations by Rachelle 1 as specified in paragraph 14 V which is the inspection investigation. Complete buyer investigations and either remove the contingency or cancel this agreement and to give seller now this is the key give seller at no cost complete copies of all such investigation reports obtained by buyer which obligation shall survive the termination this agreement that means even if the buyer cancels the buyer is still obligated and the seller is still entitled to receive any inspections that the buyer obtained throughout the investigation. Now there’s another sentence in here that it’s part of this paragraph that it’s worth mentioning and that’s that the seller she’ll have water gas and electricity and all operable pilot lights on for the by investigations this is important to because sometimes sellers have it shut off or it was off for whatever reason prior to going into escrow a buyer’s agent should hold a seller accountable and make sure that all these utilities are on so that proper investigations can be conducted because if any of these utilities is not on and the buyers investigation doesn’t show that there’s an issue and that’s what closes in there is an issue that creates a problem and that point is to buyers fault all right now that we’ve established that the seller is in fact until 2 all by our investigations the answers yes one of the reasons is that the cheapest a mind if a seller gets any report or any sort of inspection and I know property inspection from the property start of the comes out sometimes it’s called a physical inspection that is the primary buyer inspection there are also mold inspections are roof inspections or something that relates to what’s a structural a structural inspection that has to do with if the property is has a crack in the foundation you get the idea any such inspection is is do the seller it’s in the buyer has an obligation to sellers entitled and once the seller get inspection from from the buyer let’s hear that buyer cancels any any additional buyer in the future let’s say the first escrow falls apart the buyer cancels the seller then had to goes into a scroll with Fire number two or a backup offer the sellers obligated to furnish those inspections from buyer number one to buyer number to there’s an obligation the seller has been made aware the buyers the buyer has been compelled to the RPA to give the seller the inspections sellers tomato and a seller is then I’ll do a gated to give those fire number two as a disclosure all right now that we’ve established that the seller is entitled to all buyer inspections what about the appraisal because this comes up to the answer is not really but there’s an exception an appraisal that is just for the purpose of the buyer to obtain a mortgage sometimes the buyer doesn’t even see a copy of that now the exception I would say in this is this isn’t explicitly mentioned in the RPA but this is my own belief as someone that does compliance some appraisals show that there are defects in the property it can be something as minor as the carbon monoxide detector not installed or missing or the smoke detector not installed are missing it could be damage to the roof or awnings or something to that effect let’s say what’s call it would damage or something else and the appraiser will identify these defects and the lender then makes that a condition for the loans approval this compels the buyer to go to The seller and say I need these repairs done I personally don’t care but the but my lender does that’s this is what the buyer is saying they’re sayingThe lenders request not mine about if it’s a buyer’s agent is sending a request for repairs it’s it’s always it’s always in my opinion appropriate to include the the respective inspection that identifies the defect so if if it’s items that come up in a property inspection then I think it’s proper form for the buyer’s agent to include that inspection with the with the request for repairs if there’s a defect in the appraisal report I believe it the seller should in fact see it because the buyers making the seller aware of it the fact that it exists in in documentation the appraisal and therefore a copy should be sent to the seller so they can see this defect on their own because in effect this appraisal has become a by investigation it’s not simply the lender verifying the the value of the asset got for collateral purposes it’s it’s now turned into a an inspection or has a an inspection component regarding the condition of the property so in general appraisal isn’t isn’t required to be given to the seller however I would say if the appraisal identifies defects in the property that I would say yes that’s the exception that’s why I put not really if you have any questions about this matter feel welcome to email info at Balboa teen.com or visit our website balboateam.com.com I do hope that you found this informative and thank you for watching