Buying or Selling a Home/credit at settlement issues
Expert: John - 2/21/2008
Questioninstead of offering credit at settlement to remediate radon, the sellers have informed us that they will pick from the estimates they have gotten, and write a check to the company directly that they choose...even though the remediation will take place after settlement. Is this legal? why would they do this?
AnswerDO NOT take that!
First, if you have this in writing, it can not be changed without the contract changed.
Second, Never accept anything that the seller picks the company. They will get the cheapest, not the best company. So it may not be done correct. The buyer picks the company. Talk to at least 3 different companys before you pick one.
Third, All work should be done before you buy in case it costs more. So if they write a check out and you sign to buy and it costs more, you will have to pay the rest. Another reason why you pick the company.
They may pick one and pay enough to get the job started but not finish.
Demand the work be done before you buy or go to settlement.
A good Realtor will tell you this and look out for you.
John