Repair request
A written list from the buyer, after inspection, asking the seller to fix items, give a credit or lower the price. The seller can agree, refuse or counter.
Also called: repair addendum, inspection response, BINSR, request for repairs
Related terms
A contract term that gives the buyer time to inspect the property and then cancel, ask for repairs or renegotiate based on what is found. Waiving it means accepting the home's condition as is.
A visual check of a home's structure and systems by a trained inspector, usually during the buyer's contingency period. It finds problems before you're locked in; it is not a pass or fail test.
An amount subtracted from what the buyer owes at closing, often agreed to instead of doing repairs. Lenders limit credits to actual closing costs, so they cannot be paid out as cash.
An extra document attached to the contract, usually when it is first signed, that adds terms or details. Common ones cover lead paint, HOA rules or a home sale contingency.
A follow-up visit to confirm that agreed repairs were completed. It usually happens shortly before closing or the final walk-through.