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Changes in home sale contracts aim to rein in picky buyers

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Changes to the standard home sale contract used in the Chicago area are set to take effect, and will limit how much additional work potential buyers can demand of sellers after a home inspection.

The revised Multi-Board Residential Real Estate Contract becomes the standard March 1. It says requests for repairs “shall cover only the major components of the real estate” such as plumbing, electrical, roof, foundation and others, according to Crain’s.

The new contract language is designed to rein in buyers who demand cosmetic changes late in the sale process, Lynn Madison, a member of the committee that drew up the revisions, told Crain’s.

Sellers confronted with a list of demands for cosmetic changes can now terminate the deal under the new contract language. But the contract still allows buyers to ask sellers for repairs of significant problems uncovered by a home inspector.

Experts said a number of factors have led to the growing numbers of hard-to-please buyers, including a tough housing market for sellers that has more buyers feeling they’re in position to make more demands. [Crain’s] — John O’Brien

 

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