The intention of code compliance is to make the property safe for the new buyer while at the same time limiting the sellers liability in case of injury or death after close of escrow. In addition, retrofitting is intended to comply with state mandated low flow water requirements to save water on plumbing fixtures in the state of California.
But what about a fixer upper where the buyer is going to fix up everything anyway? Or at least that is the intention.
A simple waiver or signed agreement between both parties noting what the BUYER will be responsible for when taking possession could be utilized. Best to check with your office broker on your company’s policy – some companies do not allow for any type of addenda or waiver whatsoever due to their insurance policy.
Bottom line -Best to have all parties understand who is responsible for what. If the buyer says he is responsible, and then something happens after the close of escrow, is the seller liable for anything? Quite possibly, so that’s why its important to run this strategy by your office broker or legal counsel before signing anything. And it is best not to waive the safety items – smoke detectors and CO detectors – just in case.
If you have any questions, feel free to call us at 310-800-4418.
