Who pays for the replacement electrical panel?
We are a neutral party concerning who pays (buyer or seller of a property) but we suggest that the panel should be replaced promptly. Our opinion is that a building seller is not required by state or federal law to fix anything and in fact could be assuming liability by doing so. However some lenders or insurance companies may require that certain safety or other building defects be repaired before issuing a mortgage or an insurance policy. Our opinion is that similarly, a seller is not obligated to discount their property because of the need for an electrical panel replacement – that’s something that is negotiable between buyer and seller. But if a seller agrees to assume all or part of the cost of repairing a building defect in the building being sold, there are some reasons why it’s better to give the buyer a fair allowance than for the seller to actually perform the work. By making an allowance to the buyer for the repair of an agreed-on defect: The seller puts the buyer in control
