Treatments, Repairs, and Replacements or Cancellation of the Contract
If the Buyer has any objections to the Property based on the inspections and investigations conducted within the first 10 days after the “Time Reference Date” of the Contract, then the Buyer may 1) cancel the Contract as outlined below or 2) request the Seller to treat, repair and/or replace those items not in normal working order (defined as the system or component functions without defect for the primary purpose and manner for which it was installed. A defect is a condition, malfunction, or problem, which is not decorative, that would have a materially adverse effect on the value of a system or component, or would impair the health or safety of the occupants or the Buyer).
OPTION 1: THE BUYERS RIGHT TO CANCEL THE CONTRACT
If, in the sole opinion of the Buyer, the results of investigations, inspections, or reviews are unsatisfactory, the Buyer may cancel the Contract by delivering written notice of cancellation to the Seller within 24 hours after the expiration of the 10-day time period specified in the Contract; thereafter the Buyer will receive a refund of the Buyer’s Earnest Money after the Buyer’s REALTOR has the Buyer sign two documents:
- Notice of Cancellation of Oklahoma Uniform Contract of Sale of Real Estate
- Release of Contract and Disbursement of Earnest Money
If the Buyer elects to cancel the Contract based on the results and findings of the inspections and investigations, then the Buyer must deliver written notice stating Buyer’s objections to the Property to Seller, in care of the Listing Broker, within 24 hours after the expiration of the 10-day time period specified in the Contract, in which event the contract shall be null and void.
OPTION 2: THE BUYER’S RIGHT TO REQUEST TREATMENTS, REPAIRS OR REPLACEMENTS
In the event the Buyer elects to request the Seller to make treatments, repairs, and/or replacements, the Buyer must submit to the Seller, in care of the Listing Broker, within 24 hours after the expiration of the 10-day time period specified in the Contract, a “Treatments, Repairs, and Replacements” Supplemental Agreement (or “TRR”) specifying those items the Buyer wants the Seller to treat, repair and/or replace along with a copy of all the corresponding inspection reports.
Unless otherwise specified in the Contract,the Buyer and Seller have 10 days after Seller’s receipt of the Buyer’s completed TRR form (The Notice of Treatments, Repairs, and Replacements), to negotiate the Treatment, Repair, or Replacement items.
- If a written agreement is reached, the Seller shall complete all agreed Treatments, Repairs, or Replacements prior to the closing date.
- If a written agreement is not reached within the time specified in this provision, the Contract shall terminate and the Earnest Money returned to the Buyer.
The Buyer has the right to reinspect the property prior to closing to be sure the treatments, repairs, and/or replacements were done properly. If not, then the Buyer should negotiate another Supplemental Agreement to move the closing date back until the repairs are done to the Buyer’s satisfaction. Once the parties have met at the closing table, the time for treatments, repairs, and/or replacements will have passed.
DOING NOTHING IS NOT ADVISABLE
Regardless of whether the Buyer investigates and/or has inspections of the Property performed, if the Buyer fails to deliver the above written notice to the Seller, in care of the Listing Broker, within 24 hours after the expiration of the 10-day time period specified in the Contract, then the Buyer accepts the Property in the condition or state which existed at the expiration of the time period and the Buyer must proceed to closing.
Inspection of Treatments, Repairs and Replacements and Final Walk-Through
The Buyer, or other persons the Buyer deems qualified, may perform re-inspections of the Property pertaining to Treatments, Repairs and Replacements.
The Buyer may perform a final walk-through inspection, which the Seller may attend.
The Seller shall deliver the Property in the same condition as it was on the date upon which the Contract was signed by the Buyer (ordinary wear and tear excepted) subject to Treatments,Repairs and Replacements.
All inspections and re-inspections shall be paid by the Buyer, unless prohibited by the mortgage lender.