Realtor asking your opinion

“PARTIES AGREE BUYER MUST BE COMPLETELY SATISFIED WITH INSPECTION REPORT AND THAT BUYER IS NOT OBLIGATED TO GIVE SELLER THE OPPORTUNITY TO REPAIR ANY DEFECTIVE ITEMS. IF BUYER IS NOT SATISFIED WITH INSPECTION REPORT FOR ANY REASON WHATSOEVER PARTIES AGREE TO EXECUTE A MUTUAL RELEASE WITHIN 24 HOURS OF BUYER’S INSPECTION RESPONSE TO SELLER AND BUYER’S EARNEST MONEY WILL BE PROMPTLY REFUNDED TO BUYER WITHIN 5 BANKING DAYS.”

Thinking of adding this language to all purchase agreements I submit under further conditions.
Any constructive comments?

You must be exclusively a buyer’s agent. :). As a transactional agent, the proposed language appears to favor the buyer. As a listing agent, the proposed language appears to favor the buyer. I would suggest discussing the proposed language with your Realtors Association attorney for review and approval prior to implementation.

With all due respect, why are you asking a bunch of Home Inspectors on a MB?
You should be asking your Attorney that handles your business affairs.

Why do you want to add this verbiage?

I wouldn’t add it, you’re adding further complication into the transaction which
is already complicated enough.

Make the font bigger and it is perfect…

EVERY state licenses agents and has restrictions on what they can and can’t do. Is writing new real estate contract language within the purview of your license? Is the Designated Broker or owner of the firm where you hang your license in agreement? Is the MLS that many times writes the purchase and sales agreement with attorneys for your area in agreement?

What you can / can’t do may well be regulated by your state. Depending on the existing contract language, if your state has a standardized contract, your addition may be redundant or even conflict with what is already in the contract. The Texas standard contract includes the following language which would make your addition completely unnecessary.

You would be better served to consult with an attorney familiar with real estate law in your state - I know, that costs money.

What IF the buyer WANTS to negotiate Repairs??

“completely satisfied with the report” or completely satisfied with what is in the report. “IF BUYER IS NOT SATISFIED WITH INSPECTION REPORT FOR ANY REASON WHATSOEVER…” Who is going to sign this? Define the word satisfied.

I’m new to this game, but I am an attorney. How do you propose to bind the seller by inserting verbiage in your contract with the buyer? Unless you get the seller to sign your contract, he’s not a party to that agreement, and you’d still have an enforcement problem because there’s no consideration to him (benefit) to sign it.

I find the entire statement to be confusing.

To me, if it would only appear when you are providing an inspection to a Seller and you want the Buyer to accept the inspection you did for Seller, then it sort of makes sense.

In any other context, it is confusing.

To avoid using confusing language or language that appears bias to the Buyer or Seller, you could use terms such as the “Client” for Buyer and “Other Parties” for Seller or Agent.

The reason I say it’s confusing is the top of your agreement should define the term you use for the client. I doubt you use the term “Buyer” in your agreement to define your client.

Another reason I might be confused is the first word of the statement is “Parties agree” which I assume is yourself and your client, which could be a buyer, a seller or an agent.

What you have written is an unrestricted right to terminate for any reason. The buyer could be dissatisfied with the report for any number of reasons. Great for the buyer, but if I were the seller I would not be too keen.

Better, IMO, to ask for an unrestricted right to terminate for a set fee. If the buyer walks, they forfeit the fee. If the transaction closes, the fee credits to the buyer at closing. That’s how we have been doing it in Texas for close to two decades.

Not sure how things are done in your state, but in Texas, Realtors are not allowed to practice law, which is what you are doing when you draft a legal document for third party.

Talk to your broker or lawyer.

Hey, here’s an idea, go back to old school ways and allow potential “buyers” to have inspections performed BEFORE they sign a Purchase Agreement! This allows them to make an informed decision and to place an offer based upon the true condition of the home, and not have to go battle the sellers to get a reduced price or items repaired, or their Earnest money returned, which is what you are trying to accomplish here. No offense, but Realtors created this mess. You all need to get the hell out of the way and let things progress as they should. If you weren’t so anal about your paychecks, you may actually earn more of them! Good luck.

The standard language in the Texas contract is actually much broader than the OP’s language. The buyer can opt out for any reason whatsoever during the option period.