Listing agent requesting inspection, should i provide this?

Question

First investment purchase, first cancelling of contract, so unclear on the legal standing etc.

I entered contract on a rental, and post inspection am cancelling my purchase based on findings of inspection.

The listing agent who is the team leader for my buyers agent is requesting a copy of the inspection. Should I provide this?

At this point my main concern is making sure I recieve my EMD back.

Thanks for the advice/learning!

Jon

Chris Mason · Answer

@Jonathan West, I have no idea what Nevada purchase contracts say, but I'd happily share it with the seller's side after backing out.Costs me nothing at this point.Might save them some time, now they can disclose that up-front to future buyers and not waste time if the results are a deal-breaker for them too.Maybe I'll be working with those folks again in the future, either writing offers on another house they have listed or in some other capacity.The Real Estate Gods ensure a Karmic balance to the force, so I'll take any free Karma I can get.

Joe Splitrock · Answer

@Jonathan West I do agree with Chris Mason about sharing the report. The only caution I would have is a concern if you think they are trying to use the report against you. I guess the question is, what was found on the report that caused you to back out? Did you ask for concession to correct and did they not agree? Was the concession in line with the actual cost to correct?For example if the report found a condition that would cost $400 to remedy and you asked for $10,000 then maybe they could argue you were using the inspection to back out for other reasons.I would tell the sellers agent, you will provide the report AFTER they return your money and agree in writing the contract is cancelled.

Mike Cumbie · Answer

Oh let me clarify,(In my contract only) You have to provide the relevant pages of the report. For instance if you say "Must replace furnace" you need to provide the page of the report that says "Furnace unsatisfactory".Now if you really want to end it, you can always say "If you want I can provide the pages dealing with Lead based paint, Radon and Mold, but I didn't think your client would really want them because they have to disclose later".:)

Ross Greene · Answer

It is pretty common for listing agents to ask for a copy of the inspection report so they can see the reasons why you didn't wish to move forward. Not sure why you are concerned regarding EMD if you are within due diligence period.If you are unsure if your EMD is coming back it sounds like you may be working with the wrong agent in my opinion.

Russell Brazil · Answer

What does the contract state? In Maryland we have 2 different home inspection clauses in our contract. If a certain one is picked over the other you have to provide the imspection to cancel.Also look to what is customary in the market place. Even if it is not spelled out in the contract, if it is customary to provide it then you need to do so.

Charlie Fitzgerald · Answer

I would offer to give the listing agent the inspection at your cost after they cancel the contract as you have requested and return your EMD. It's your inspection. You are under no obligation to share it and I would not do do without being paid for it.

Jered Sturm · Answer

I do not think you would be required to provide that, however the listing agent may want it to simply hand off the the sellers and say " look here are something you may want to consider taking care of so we don't fall out of contract again". I would ask your buyers agent, as they represent you in the transaction and should have your best interest in mind. Goof luck!

Jonathan West · Answer

Thanks for the thoughts everyone. Per my contract I am within the inspection period, as this is my first transaction I am not trusting the contract and just have my own fears. I think I will provide it to the listing agent.Chris Mason I like shifting the Karmic scales in my direction any time I can!ThanksJon

Kashaela Mullanix · Answer

Your agent needs to reach out to to the escrow officer with cancellation instructions, this document will say who will be receiving the earnest money and all parties must sign it. You are not obligated to give the sellers a copy of the inspection report, though if it were me, I probably would. Hope this helps!

Bill Schrimpf · Answer

@Jonathan West - If the purchase agreement doesn't' require a copy of reports, then it should be a minor or non-issue, just ask for the $ back and provide a copy of the report after funds are returned. Why do you care if they have the report? Is your objection petty or something serious? Have you received the SRPD? If not, ask for a copy, in writing, ASAP. The SRPD asks about defects the seller "should know" about. If your findings are serious enough to back out of the purchase agreement, it probably should be on the SRPD too.Do you have a buyers representation agreement? No agreement, means you don't have representation in the transaction. Your "buyers agent" is not working for you, he/she is working for the seller. If you do have an agreement, then your buyers broker (not the same thing as an agent in NV) has a fiduciary responsibility to you. Talk to the BROKER, particularly since the agent is new. In NV, you really don't have an agreement with an agent, rather the agent acts on behalf of the broker. The broker is the legally responsible entity. If its an assigned/dual agency matter, the broker probably has a larger interest in asking the seller update the SRPD.