Repair Responsibility?
Hi Guys,
I'm currently in the middle of a creative real estate deal. My T/B's are currently living in a property that I control, and they are currently having trouble with flooding in the basement. I have in my contract that the T/B is responsible for all maintenance and repairs, but my T/B's want ME to do something about the flooding. I've called the previous owners for advice on what to do, and that only helped somewhat. Who is ultimately responsible for this?
Thanks for any help that is given.
Joe
Was this flooding condition disclosed when you acquired this property from the previous owners? They may be the ones who need to cure this problem.
Did you know about the flooding prior to entering into this L/O agreement. Next, why didn't you know?? It's hard to conceal a wet basement. Flooding generally doesn't just happen over night. What will it take in cash to remedy this situation. More information is needed. But, I don't think this is the lessees responsibility.
HI SammyVegas,
Thanks for your response. See, the problem is that there was NO flooding before (according to the previous owners). We've had crazy rain the past day or so, more than usual.
So, once I fix this problem, who's responsible for the damages? Carpet etc?
Thanks!
Joe
Quote:
On 2004-04-06 13:48, sammyvegas wrote:
Was this flooding condition disclosed when you acquired this property from the previous owners? They may be the ones who need to cure this problem.
Did you know about the flooding prior to entering into this L/O agreement. Next, why didn't you know?? It's hard to conceal a wet basement. Flooding generally doesn't just happen over night. What will it take in cash to remedy this situation. More information is needed. But, I don't think this is the lessees responsibility.
There is only one answer to this (and all questions) at first........
What does the contract say?
You state that T/B "is responsible for all", but without the contract, it is hard to know exactly.
My contract says "accepted AS-IS", T/B pays the first $500 in repairs, etc.
If your contract states it strongly, you have no reason to make any repairs.
If it was just recent rain that started it, perhaps some insurance coverage on the house would be something to pursue.
Otherwise, the T/B must fix it (according to your statement). If they can't/won't, then the contract comes into play again. Mine says that if they don't do the repairs, I can kick them out.
If you want to be 'Mr. Nice Guy', you can work something out with them where you pay for the repairs, but put it on the back end when they buy the property.
I always rely on my contract - it should cover as many issues as possible before you sign it!
I've got one fighting me in court this next week (1st one of dozens I've done), but the contract is strong, and I'll present my case from that.
Stand firm (but don't be a jerk).
Happy Investing
Hi lpcoach,
Thanks for the advice. Yes, it clearly states in my contract that the T/B is responsible for ALL maintenance and repairs. However, i'm in Canada, and i'm not sure how well that agreement would hold up in court since tenants are given priority up here. What is your current situation with your tenant/buyer? Do they refuse to make repairs? Or refuse to pay rent?
Thanks again,
Joe
Quote:
On 2004-04-06 14:50, lpcoach wrote:
There is only one answer to this (and all questions) at first........
What does the contract say?
You state that T/B "is responsible for all", but without the contract, it is hard to know exactly.
My contract says "accepted AS-IS", T/B pays the first $500 in repairs, etc.
If your contract states it strongly, you have no reason to make any repairs.
If it was just recent rain that started it, perhaps some insurance coverage on the house would be something to pursue.
Otherwise, the T/B must fix it (according to your statement). If they can't/won't, then the contract comes into play again. Mine says that if they don't do the repairs, I can kick them out.
If you want to be 'Mr. Nice Guy', you can work something out with them where you pay for the repairs, but put it on the back end when they buy the property.
I always rely on my contract - it should cover as many issues as possible before you sign it!
I've got one fighting me in court this next week (1st one of dozens I've done), but the contract is strong, and I'll present my case from that.
Stand firm (but don't be a jerk).
Happy Investing