Posted by
jklo911
17 yrs ago
I recently signed a S&P agreement to sell my Chinese building flat to a buyer. A few days later, the fire department issued an order on the building for fire safety upgrades that is due for completion in a year's time. Since the building has no Owners' Building Management Group and the order requires upgrades strictly in the public area of the building, there is nothing I can do to ensure the work specified in the order are settled before the closing date in mid-April. My share of the cost is minimal (probably only 10-15K). So, cost is not the issue here. But since the work will take place long after the completion of the sale, I want to ensure that I'm not held responsible for seeing this work through.
My question is whether I am responsible for the settlement of this order or is that the responsibility of the buyer? In the S&P contract, there is no mention of who is responsible for building orders after the signing. My real estate agent suggested that the buyer is responsible, even financially, since there is no written agreement that I would be responsible in the S&P. I don't mind forking up 10K to help out the buyer but I want to make sure that the responsibility lies with the buyer.
The fire department is giving a year's time for completion.
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ldavy
17 yrs ago
I would advise talking to the lawyer who's dealing with the sale for you.
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Ken A
17 yrs ago
In my formal agreement, it says that any notices to rennovate the building up to completion date are the responsibilty of the current vendor.
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