In the event of property repairs needed before closing, who is typically responsible?

The correct response reflects the understanding that the responsibility for property repairs prior to closing can vary based on the specific terms outlined in the purchase agreement. In real estate transactions, the contracts often include provisions that specify which party will bear the responsibility for repairs based on the negotiations between the buyer and the seller.

Typically, the contract may indicate whether the seller is obligated to complete certain repairs, if the buyer will assume that responsibility, or if both parties will share it in some manner. Additionally, the agreement may include clauses allowing for negotiations related to repairs identified during inspections or other assessments prior to closing.

Because real estate contracts are inherently negotiable, the precise obligations can differ significantly from one transaction to another, making it essential for parties involved to carefully negotiate and document their intentions within the contract. This ensures that both parties have a clear understanding of their responsibilities, thus preventing disputes later in the process.