Califiornia
California
I am under contract to purchase a house involved in a class action suit for stucco cracks, faulty floor tiling and window installation. The builder is Beezer. The sellers ended up doing the repairs on the flooring and windows, and probably spent about 5K. They repaired some stucco cracks, some remain.
In the event that a settlement is reached, the sellers want us to split any the money 70/30 (we would get 30%). The problem I have with this is, in the event there is really something major wrong with tho house shouldn't the money stay with the house so we can make the repairs ourself? Since the class action is still not settled, there is an element of uncertainty. Although the house passed the inspection, and the stucco cracks were deemed to be minor, it may turn out that the house has real problems and so I do not think 70/30 is fair.
I did offer the sellers 100% reimbursement for repair work, and 10% of whatever is remainiing should they even get a settlement. This protects us, and the sellers have a higher likelyhood of getting their 5K reimbursed should the settlement be small. The sellers are thinking this over now. My question: Am I doing the right thing? Should I get a more extensive inspection (perhaps for the stucco?). SHould I hire a lawyer? PLEASE HELP!!!
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California
I am under contract to purchase a house involved in a class action suit for stucco cracks, faulty floor tiling and window installation. The builder is Beezer. The sellers ended up doing the repairs on the flooring and windows, and probably spent about 5K. They repaired some stucco cracks, some remain.
In the event that a settlement is reached, the sellers want us to split any the money 70/30 (we would get 30%). The problem I have with this is, in the event there is really something major wrong with tho house shouldn't the money stay with the house so we can make the repairs ourself? Since the class action is still not settled, there is an element of uncertainty. Although the house passed the inspection, and the stucco cracks were deemed to be minor, it may turn out that the house has real problems and so I do not think 70/30 is fair.
I did offer the sellers 100% reimbursement for repair work, and 10% of whatever is remainiing should they even get a settlement. This protects us, and the sellers have a higher likelyhood of getting their 5K reimbursed should the settlement be small. The sellers are thinking this over now. My question: Am I doing the right thing? Should I get a more extensive inspection (perhaps for the stucco?). SHould I hire a lawyer? PLEASE HELP!!!
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