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It is essential to address the basement leak and the resulting damage promptly and openly with the buyer to avoid potential legal issues related to nondisclosure. Here are some steps you may consider taking:
Inform the buyer: Notify the buyer or their agent about the basement leak and the damage as soon as possible. Transparency is crucial to maintain trust and avoid potential disputes related to nondisclosure of material defects.
Document the issue: Take photographs and document the details of the leak and the damage caused. This documentation will be helpful when discussing the issue with the buyer and determining the best course of action.
Assess the damage: If possible, have a professional assess the damage and provide an estimate for repairs. This information can be useful when negotiating a resolution with the buyer.
Discuss options with the buyer: Work with the buyer to determine an appropriate resolution. This could involve repairing the damage before closing, providing a credit to the buyer for the cost of repairs, or delaying the closing to allow for repairs to be completed. The specific resolution will depend on the preferences of both parties and the severity of the issue.
Amend the purchase agreement: If necessary, amend the purchase agreement to reflect any agreed-upon changes, such as a credit for repairs or a delayed closing date. Make sure both parties sign the amendment, and consult with a qualified attorney or real estate professional to ensure the amendment complies with local laws and adequately addresses the issue.
Communicate with an attorney: You are well advised to retain an attorney in this situation. Throughout the process, keep your attorney of the situation and seek their guidance on the best course of action.
Please note that this information is for general informational purposes only and should not be taken as legal advice. Consult with a qualified attorney or real estate professional to discuss your specific situation and understand your legal options.