Thirty days prior to settlement, the seller at seller’s costs will provide from a certified and licensed company - termite, well, and septic reports as applicable. These reports are available to the buyer prior to or at closing.
The termite inspection includes other wood-destroying insects or organisms. The seller will treat and insure any infestation found by a licensed company as well as damaged repaired by a licensed contractor if under $1,000 total. Exceeding $1,000 is a new negotiation point between the buyer and seller.
If a well is present on the property, the seller will provide certification that it is free from coliform bacteria. The septic field is walked over and certified that no leakage is present, meaning no malfunction or needed maintenance to the sewage disposal system.
If the buyer is obtaining FHA or VA financing, the seller will also certify that the water is free from levels of lead unacceptable to the FHA or VA.
If the seller fails to remediate any termite, well or septic issues, the buyer has the right to terminate the contract and return of earnest money, or waive the defect and proceed to settlement with no adjustments to the purchase price.
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