Whether the buyer or seller is responsible for having a new roof installed depends on the contract agreement or negotiations. This is also the case for necessary repairs being made before closing and can vary from one contract to another. The best way to solve this issue is to have the roof replaced and paid for before closing. Doing this will help the seller attract more potential buyers and provide additional curb appeal.
If the buyer is requesting that the seller be responsible for installing a new roof, that can be accomplished without the seller having to come out of pocket if there is sufficient equity in the home. There is also an option to upgrade the roof type, shingle type, color, or upgrade the warranty based on the buyers preference, with any upgrades amended to the contract as a “buyers cost” and also paid at the closing.
The closing attorney could cut Taylor’s Roofing a check for the balance due with the remaining balance paid to the seller. If the buyer must pay for the repairs/replacement, the selling price of the new home could be increased by the amount required, and costs rolled into the mortgage payments. The buyer would then have the option to customize their new roof with a particular roof type, shingle type, color and warranty preference to better suit their needs. The upgrades may be added to the contract as a “buyer cost” and can also be paid at the closing table.
How to negotiate roof replacement when buying a home -
Once it is determined that a roof replacement is necessary, new discussions must be had between buyer, seller, and other interested parties. Even if you already had predetermined terms, you will need to renegotiate once roofing services become involved.
In negotiating the roof replacement, it must be determined how the roofing company will be paid, how much of the cost each party will bear, and what, if anything, will be added to the purchase price.
There are a few things you should keep in mind during negotiations:
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