Is there any risk as a buyer to sign final paperwork before the VA appraiser reinspects the home for completed repairs?
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Is there any risk as a buyer to sign final paperwork before the VA appraiser reinspects the home for completed repairs?
Asked on January 15, 2011 under Real Estate Law, Alaska
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Yes, of course, there is always a chance that you will be buying yourself a lawsuit. In other words, what if you sign and the repairs are not done or not done properly? You are going to have to sue based upon the contract. Now, I am hopeful that the repairs to be done were made part and parcel of the contract or a rider thereto, correct? This way they are documented. If you do not sign until the repairs are done then you maintain leverage in the transaction with the seller. Talk to your attorney about all of this. The other option is to have a certain amount of money put aside at the closing in an escrow account and then the sellers can not get the money until the repairs are certified as completed. Good luck.
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