Buyer’s Agent’s Duty to Buyer During Investigation Period

Buyer’s Agent has a duty to go over all disclosures, HOA Documents & Minutes, Preliminary Title & attachments, and all reports & inspections with the Buyer so that Buyer can make informed decisions before removing contingencies.

All Disclosures – Buyer’s Agent is responsible to read the disclosures, go over them with your client and then have them initialed & signed. Any significant disclosures should be further explored to Buyer’s satisfaction. This may involve a set of questions that the Buyer sends to the Seller to answer.

HOA Documents and Minutes – Buyer’s Agent is responsible to read the HOA Documents and Minutes and go over them with your client and then have them initialed & signed by the Buyer [Cover pages of each major HOA section and each month’s Minutes]. Any significant items in the HOA Documents or Minutes should be further explored to Buyer’s satisfaction. This may involve a set of questions that the Buyer sends to the Seller to answer.

Preliminary Title Report & Associated Title Attachments – Buyer’s Agent is responsible to read the Preliminary Title Report and associated title attachments and go over them with your client.  [Cover pages of Preliminary Title Report and other related documents to be signed by Buyer.] Open E-Pre links for Buyers to read and acknowledge. If no E-Pre version with “links” is available, request copies from Title of any noted attachments. Any significant items including attachments [restrictions, liens, exemptions, etc.] in the Preliminary Title Report should be further explored to Buyer’s satisfaction. This may involve a set of questions that the Buyer sends to the Seller to answer.

All Buyer Investigations – Buyer’s Agent is responsible to read the Inspection Reports and go over them with your client. Use the BIE [Buyer Inspection Elections] to have the Buyer select what inspections they want prior to ordering them and the BIW [Buyer Inspection Waiver] to indicate Buyer’s choice to waive any inspections or further inspections when you discuss inspections with your client. Be sure to list the reports the Buyer has received from the Seller or from their own investigation in paragraph 4 and then have Buyer initial that they want no further inspections. Any significant item on the reports needs to be addressed and acknowledged by Buyer and either addressed using the RR|RRRR [Request for Repairs|] process or else the Buyer to remove the applicable contingency.

• BIE FORM EXECUTED PRIOR TO ORDERING INSPECTIONS [SIGNED BY BUYER]
• BIW FORM EXECUTED AFTER DISCUSSING INSPECTIONS RECEIVED [PRIOR OR CURRENT] AS LISTED IN PARAGRAPH 4 WITH BUYER INITIALS AND FORM SIGNED BY BUYER. COMPLETE PARAGRAPH 3.A, 3.B, 3.C AS APPLICABLE.

As noted above, Buyer’s Agent is responsible to go over all disclosures, HOA Documents & Minutes, Preliminary Title including any associated restrictions, liens, exemptions, etc. with the Buyer. Furthermore, Buyer’s Agent to discuss all reports & inspections related to this property and facilitate options with the Buyer utilizing the RR [Request for Repairs] and RRRR [Reply & Response to Request for Repairs] before Buyer removes applicable contingency.

Any credit to Buyer Closing costs agreed to in the RR or RRRR needs to have an Addendum confirming said credit to Buyer’s closing Costs. Remember to always make any credit to buyer for Buyer’s Closing Costs as Lender won’t allow a Buyer Credit for specific repairs.