Once you have a Purchase & Sale Agreement and all counter-offers signed by both parties, you have a Binding Agreement and the date when this contract became binding becomes of UTMOST importance.  So important that in the new 2005 Purchase & Sales Agreement, they provide a separate box at the end of the contract clearly stating the Binding Agreement Date so there should be no confusion.

Why is it so important?  Once a contract becomes binding, the clock begins ticking... and you have certain windows of time in which you must perform agreed upon actions as described in the Purchase & Sale Agreement.

Whether your Buyer chose  "Right to Request Repairs" or the "Right to Terminate" options in the Home Inspection clause of the Purchase & Sale Agreement, those few days indicated for inspection can be the most stressful.  If you're not certain about the condition of your property, then it's nail-biting time until the inspection report comes in.  If you're confident that your home is in tip-top shape, then you can relax and not worry.  This is why having your home checked out in advanced is a good idea! When the inspection results come in, the Buyer will normally review the report and submit a request for repairs on an "Amendment to Remove Home Inspection Contingency" or an "Amendment to Address Concerns with Property".  It has been my experience that if a Buyer has offered full price for a home, they will usually expect everything on the inspection report to be repaired.  If they feel they have gotten a good price on the home, they may be more inclined to overlook minor irregularities. Once this request is presented to you, you have several options: Agree to make all requested repairs. If the repairs are legitimate and hazardous then you really should make the repairs.  There's also something nice about owning up to all the repairs on your home... especially if the Buyers are giving you full price.  It makes for a smooth closing. Agree to make repairs on most items  This is probably the most common scenario where you agree to make repairs on the major items but decline on the minor issues.  This will create another ping-pong game where you counter the Buyer's request and then they may come back with another version of their original request resulting in a deal or termination of the entire sale agreement. Refuse to make any repairs.  This will most likely be terminate the sale agreement.  Most people want some sort of concession... refusing outright to make any repairs will scare even the hardiest of souls away.  Plus... don't think for a moment that the next Buyer isn't going to ask you to repair those exact same items... do it now or do it later.. you have to ask yourself, how many more mortgage payments DO you want to pay on this property?

This is where the importance of working with a diligent, reliable REALTOR® with strong organizational skills is vital.  It becomes partly the responsibility of the agents of the Sellers & Buyers to ensure their clients fulfill their contractual obligations. 

Beginning 2007, the Buyer will not have a limited number of days during which they must finalize all requirements of their loan so they are assured of the "ability to close."  If they are denied by their lender, the must present an official "denial letter" to you before the end of their financial contingency period.  If they fail to do so, then the transaction will be considered an "All Cash" transaction and the Buyer will still be required to close - at which point, if they still cannot close, they may have to forfeit their earnest money.

Once the home inspection report is presented, your agent should review the request with you and advise you on how to proceed. Once certain repairs are agreed upon, it is your responsibility to ensure the repairs are made in a "good and workmanlike" manner.  These words are used in the contract to ensure that the repairs made are legitimate, not some temporary patch job that will fall apart after closing.  Most Buyer's Inspectors will re-inspect the problem areas prior to closing.

Your agent can usually refer you to a reliable handyman or other professional service provider who can help with the repairs.

If the Buyer is purchasing "subject to due diligence" then negotiations may be more varied, but most people tend to focus on the repair issue when buying a residential property.

Meanwhile, on the Buyer's side... it is your agent's responsibility to keep tabs on what the Buyer is doing on your behalf.  Your agent should follow-up with the Buyer or Buyer's Agent periodically to ensure they are fulfilling their obligations in the contract.

It is the Buyer's responsibility to order the Home Inspection, any survey or appraisal if there is no lender involved, and then, submitting any request for repairs or address any concerns with the property in the timeframe allotted.  In conjunction with this, the Buyer is now responsible for ordering any termite inspection!

The agents should work together to make any arrangements that require access to the property and ensure all proper amendments are signed and forwarded to the closing attorney, keeping all parties informed of the status of the contract and the closing.