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Capstone global library limited capstone library books login order personal statement on high school students please [Music] hi I'm Annie Fitzsimmons I'm your Washington Realtors Legal Hotline lawyer and today we are continuing our series on use of the form 35 inspection contingency addendum and we are down to the point where we need to discuss how the parties negotiate the corrections that buyer seeks so buyers done all of their inspections and they submit to seller a form 35 are requesting repairs or concessions form 35 boilerplate language says that once buyer submits that request for repairs by your must give seller three days to consider buyers request during those three days buyer may not withdraw the form 35 are preferring instead to terminate the agreement buyer may not revise the form 35 are asking for additional repairs or concessions buyer has to give seller three days to consider the request made by buyer in buyers initial form 35 are three days after buyer delivers buyers requests for repairs or concessions sellers responses due there are a variety of alternate routes that these negotiation negotiations can take at this point route number one seller agrees to buyers repairs or concessions if seller agrees to buyers requested repairs or concessions the inspection contingency is satisfied we don't need to talk about anything else buyer and seller proceed to closing sellers obligated to the repairs or concessions set forth on buyers original request second option seller may not respond at all if seller doesn't respond at all then at least for the time being that's the same thing as seller rejecting buyers requests for repairs sellers not a agreeing to make any repairs at all but it's still the significance is still present because it still triggers buyers reply period that we're going to discuss in a minute the other alternative is that seller could simply reject all requests for repairs or concessions and then the fourth alternate is that seller could offer some kind of a middle-of-the-road alternative I'm not going to do everything you asked for but I'll do some of the things or I'm not gonna do anything any of the things you asked for but I'll offer a price reduction or something like that seller offers a counteroffer if you will to buyers initial requests for repairs okay so now those are the three alternates that we're dealing with effectively no response from seller rejection by seller or an alternate approach a counteroffer from seller so what happens if buyer gets any of those three responses from seller any of those three responses trigger buyers three-day reply period during buyers three-day reply period if if buyer is operating off of a response from seller that was a counteroffer or some kind of a middle-of-the-road alternative to what buyer had originally requested then seller you can't during those three days withdraw or amend that alternative approach just like buyer couldn't we revise or remand or withdraw their original request for repairs during sellers three-day consideration period but what's critical for buyers and buyer brokers to understand is that this three-day reply period for buyer that's the end of the road this three-day negotiation period never repeats so buyers if for example your three-day reply period begins on Monday because let's say that seller delivered to buyer on Monday a middle-of-the-road counteroffer proposal then buyer has three days to reply that would be Tuesday Wednesday and Thursday buyers inspection contingency is at 9:00 p.m. on Thursday understanding that buyer within those three days from Monday through Thursday at 9:00 p.m. you can try as many different ways as you'd like to get seller to to do what you want seller to do but ultimately by 9:00 p.m. on Thursday you will have waived your inspection contingency if you have not either entered an agreement with seller wear seller agrees to make some repairs or concessions or terminated the purchase and sale agreement so 9 p.m. on that third day is buyers drop dead timeframe by your brokers you've got to help your buyers understand that there is no wiggle room in this deadline 9:00 p.m. on the third day is the end of the inspection contingency that time period never repeats it's not okay for a buyer to give to seller during that three-day time period some kind of a statement that says the inspection contingency period is extended buyer can't unilaterally extend the inspection period 9:00 p.m. on that third day that's the end of the road so buyer brokers help your buyers understand that they have to have reached agreement with seller by then or terminated the purchase and sale agreement by then or their inspection contingency is deemed waived one more thing before we leave the the discussion of negotiations regarding form 35 are I get this question so often seller makes some kind of a middle-of-the-road proposal to buyer and buy your immediately counters goes back to seller and says come on seller that's a good start but it's not enough I need you to do more and so seller so buy your counters sellers counteroffer proposal to make repairs and then as 9 p.m. on that day three approaches buyer starts to get a little nervous because seller is not accepting or even responding to buyers counteroffer to sellers counteroffer and buyer realizes at some point shoot I made a mistake because sellers original offer to make some repairs is better than seller making no repairs which is of what I've got right now and that buyer and buyer broker will do this they will withdraw buyers counteroffer back to seller an attempt to accept sellers original counteroffer to buyer the only problem is that under Washington contract law sellers counteroffer once countered by buyer is now void when buyer countered sellers offer for repairs by your caused sellers offer to make repairs to terminate seller can not be bound to that original offer of repairs because buyer terminated that offer to make repairs when by your countered that offer the party buyer cannot force a revival of sellers terminated offer to make repairs seller could come back and say okay I'll agree to it to re-extend if you will or to reoffer to make those repairs but typically if sellers not responding it's because sellers done with this buyer seller probably has another buyer in their back pocket or something like that and so typically once buyer rejects sellers offer to make repairs those offer that offer to make repairs is not going to be put back on the table what's the lesson buyer brokers when your buyer particularly in this hot seller's market when your buyer has an offer from seller to make some repairs on the property challenge your buyer to think critically before sending a counteroffer to that seller asking for more repairs because when buyer sends over a counteroffer cell buyer voids that offer from seller and it's entirely possible that buyer ends up with nothing in the form of repairs or concessions from seller now buyer may want to make a counteroffer anyway that's fine by your broker your job is to make sure that buyer understands the risks associated with sending over that counteroffer if you have questions on this topic or any other questions related to forum 35 send an email to me Legal Hotline at W a realtor org thank you for being a Washington Realtors member do my internet of things dubai jobs Niagara County Community College.

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