BINSR May Continue on Additional Pages

FACTS:                 

After entering into a Residential Resale Real Estate Purchase Contract (the “Contract) with a seller, the buyer hired a home inspector to perform a home inspection. After reviewing the inspection, the buyer had a list of requested repairs, all of which would not fit on page 1 of the Buyer’s Inspection Notice and Seller’s Response (“BINSR”). The buyer’s agent continued the list on an addendum, incorporating the addendum into the BINSR. The seller now refuses to sign the addendum because he does not agree to make all of the requested repairs.

ISSUE:                  

Does the seller have to sign the addendum?

ANSWER:                           

Probably not.

DISCUSSION:    

An addendum is a mutual agreement to amend the Contract. Here, the seller does not agree to all of the repairs and, by signing the addendum, it may represent that the seller agrees to all of the repairs on the addendum.

Practice tip: To avoid confusion, the buyer’s agent should have used a blank word document incorporated into the BINSR to continue the list of requested repairs to submit to the seller.

Appraisal Contingency May Begin Again

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Interest Only Payment Okay When Seller Originates Only One Loan in a 12-Month Period

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Written Cancellation Required Pursuant to the Contract

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All Other Terms and Conditions Remain the Same

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Deed Can Be Valid Without Recordation

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A/C Must Comply With Municipal Ordinance

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Disclosure of Second Purchase Contract Required

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HOA Costs Related to the Transfer or Use of the Property

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Lender is Not a Party to the Contract

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