VA, Rural Development, Termite, the Lender. All of these are third parties according to a real estate contract. We're continuing in our series covering the different paragraphs in this contract and we've hit third party requirements.
All five of those people could have extra third party repairs that are required for a buyer to go through with their loan. Basically, what this paragraph states is, as a seller, if the buyer for your home is given a list of required repairs by any of those parties, you have five business days to look over those and either agree or not agree.
If you do not agree, that means the buyer has the right to terminate the contract. Or they could choose to take the property as is if their loan will allow them. They might not be able to get the financing without those things being done. So, keep that in mind if you're looking to list - what are the possible repairs that are going to be required by a third party??
