I purchased a few turn-key properties on contingencies that seller will complete punch list repairs, created by our inspector, within 90 days of purchase. I'm out of state and cant be there to enforce. We are coming up on a year of sale and punch lists are still not complete. Homes are renting, but still want the lists completed. Outside of hiring an attorney to handle, any suggestions that will get the seller to get the items completed? All lists have been documented and signed, so I am totally in the right.
Contingencies are used as leverage and ways of backing out of a deal PRIOR to closing. Are you saying that you closed on the properties with a written agreement that seller would take care of a punch list of items for you after you've taken ownership? Not really contingency.....more like a wish list. Short of hiring a lawyer I believe you're out of leverage.
Contingencies are used as leverage and ways of backing out of a deal PRIOR to closing. Are you saying that you closed on the properties with a written agreement that seller would take care of a punch list of items for you after you've taken ownership? Not really contingency.....more like a wish list. Short of hiring a lawyer I believe you're out of leverage.
@Kathy Peeples welcome to BP! There is no such thing as a 'turn key' property. Things will only be completed prior to closing. Be happy your property is rented and tenants are paying. I would not bother with a lawyer, just more expense and unlikely to bring you any positive result. These things are part of the learning process. All the best!
If you want to “feel good” you could find out if a local lawyer who would take the deal for a percent of the recovered funds, maybe even a collection agency would do that, or you at small claims court while visiting your property. But first you’d have to do everything on the list so you know how much you’re asking for.
I purchased a few turn-key properties on contingencies that seller will complete punch list repairs, created by our inspector, within 90 days of purchase. I'm out of state and cant be there to enforce. We are coming up on a year of sale and punch lists are still not complete. Homes are renting, but still want the lists completed. Outside of hiring an attorney to handle, any suggestions that will get the seller to get the items completed? All lists have been documented and signed, so I am totally in the right.
Hire an attorney. It doesn't matter if you are in the right; you can't/won't enforce the contract so they're walking all over you. Get an attorney to step in and fix this.