WHEN TO RENEGOTIATE THE PRICE OR PURCHASE CONDITIONS?
After reading the report, if you notice minor imperfections, which do not really have an influence on the price offered, these should not be used to renegotiate the conditions of the promise to purchase.
If, on the other hand, you have identified significant problems, then you might want to:
- Reduce the purchase price;
- Carry out a more in-depth inspection, regarding a component of the building, by an expert in this field;
- Or give the seller time to make certain repairs.
In the context of a renegotiation, you have no obligation to give the inspection report or even part of it to the seller. If you wish to do so, to justify your request for a price reduction, your broker will send the seller a complete copy or an extract of the inspection report to inform them of the problems identified, clearly indicating the reasons why the report is sent.
Documentary source: Self-regulatory organization for real estate brokerage in Quebec, April 7, 2020, getting inspected means protecting yourself, Article 202655, Canada.