Contracts
An Oklahoma property is under contract and the buyer's lender requires repairs identified by the appraiser before funding. This is called a:
ACosmetic repair request
BLender-required repair condition (often noted on the appraisal as 'subject to completion of repairs'), requiring that specified items be corrected before the loan can close✓ Correct
CBuyer's discretionary repair list
DOREC-mandated inspection item
Explanation
Appraisers for FHA, VA, and some conventional loans may note conditions requiring repairs before the loan can be funded ('subject to' appraisals). The lender requires documentation that repairs were completed and the appraiser may perform a final inspection.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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