We are buying a home, everything is completed and we are just waiting for closing next month on the 11th. In the negotiations, we were able to get some major repairs made on the home covered by the seller. One of the major repairs was window lintels, which are quite expensive. The seller has agreed to cover this, has scheduled with a masonry contractor. The problem here is the contractor cannot start the work until the 26th which is 2 weeks after closing. Seller has already signed a contract with the contractor and made a 1/3rd down payment with 2/3rd payment upon completion of work. I really don’t want to move closing as it becomes a conflict of interest for my current situation, moving and it being the day after Christmas that the work will be started. I really don’t have an issue with the work being done after we are moved in either. Any suggestions on how we should proceed? Written documentation with guarantee of work? Move the date? Thanks in advance for any advice.
You need to make sure it’s done and you inherit no unintentional liabilities. You can close but have the title company hold back some significant amount pending repair completion and require lien waivers from the contractor.
This is exactly what needs to be done.
Collect the payment at closing and put in escrow to make sure contractor is paid.
This. And it’s better your there.
The title company set up an escrow fund and arranged to pay the contractor directly after I confirmed the work was complete.
100% of the cost held in escrow until the job is finished to your satisfaction, paid for, and a lien release is signed by the contractor.
Did you use an experienced agent? If so, talk to them.
I wouldn’t advise closing until the work was done. There are a variety of issues you may face if you do.