Re: $50 inspection fee…Buyer pays! - Posted by Kristin
Posted by Kristin on January 14, 1999 at 21:05:16:
Please ask your attorney to show you the new law in writing. I submitted two purchase offers today in Texas,(both with realtors) and on both I used the inspection option. I put up a $10 fee on each property, in addition to the earnest money. That $10 gives me 10 days to inspect the property, and back out if I choose to. If I back out, I lose the $10. No big deal. TREC has not brought out a new contract since the Sept, 1997 version, and none of the realtors I work with here know about a new law requiring a $50 fee for a contingency clause.
Check out your TREC contract, and look at Section 7D, page 4. This is the only clause that asks for an additional fee in order to inspect the property, and the section allows for you to set the amount and the time period. You can say $5 or $1, or whatever the seller will accept.
Hope this helps,