Friday, February 22, 2013

Inspection Resolution Warning

Remember that the new Inspection Resolution form for Colorado real estate transactions has changed and it is now an amendment to the sales contract.  That means it must be given to the lender, who must in turn give it to the appraiser and the underwriter. 

That could open up a can of worms, so be careful about what you put in the Inspection Resolution. 

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Lindsay Morris said...

What happens if the seller does not do the repairs they agreed to in the inspection resolution form?

Chris and Debbie Thomas said...

I am not a lawyer, but I assume the seller would be in default, in which case the buyer could cancel the contract and get their earnest money back, or they could sue the seller to make sure they do the repairs. It would be best to consult a lawyer if this happens.