Buy Back Program Legal Terms
InterNACHI Buy Back Program
This is an important legal document. Please read it carefully.
NOAH’s InterNACHI Buy Back Program (Program) is a program NOAH Certified Inc. offers to TINY HOUSE BUYERS by way of InterNACHI. For buyers who purchase a NOAH Certified tiny home from a NOAH Member Manufacturer, InterNACHI provides the buyback program. NOAH uses only InterNACHI certified professional home inspector members to perform the tiny home inspection. Under the Program, if the inspector misses something the inspector should have identified, InterNACHI will buy your home back for the full price paid for the tiny house. The program is subject to these legal terms:
A: The Program is available only within 90 days of successfully passing the stage 5 final inspection. Eligible homebuyers must submit a written or electronic request for InterNACHI to buy their home to InterNACHI within 90 days of the stage five final inspection.
B: The inspection must have been performed by a participating InterNACHI member. (Not all InterNACHI members participate).
C: The inspector must have registered the home with InterNACHI within 30 days of performing the inspection (an exception applies for inspectors registering homes in bulk) and before the homebuyer contacts InterNACHI about an issue (no exceptions).
D: The program is only available to homebuyers. In some special cases, InterNACHI will grant an exception, but any such grant must be writing.
E: InterNACHI will pay the homebuyer the purchase price of the home, as shown on the purchase contract when the homebuyer bought the home. This does not include closing costs or similar fees.
F: The program does not apply to homes with material issues not present at the time of the inspection. So if the home recently got swallowed by a sinkhole or hit by a meteorite, InterNACHI won't buy it.
G: The program does not apply to homes that have had issues the inspector was not required to check for under NOAH’s Standards of Practice. You may view these at HERE. For example, we don't buy homes that had mold or meth issues.
H: The program does not apply to homes that have had material issues that the inspector mentioned in the inspection report. If the inspector caught it, he didn't "miss" it.
I: The home must be immediately listed for sale with the builder. In some special cases, InterNACHI will grant an exception to this requirement, but any such exception will be in writing.
J: InterNACHI will perform its own inspections on the property.
K: InterNACHI will hire an appraiser to appraise the property. The property must appraise for no less than the sales price. We don't buy homes for more than they are worth or homes that have gone down in value.
L: If the home is located within an HOA that requires HOA approval of the purchase, InterNACHI’s obligation is contingent upon the HOA’s approval. Some HOAs do not approve organizations or companies, even though InterNACHI is not going to occupy the home.
M: The homebuyer has a duty to mitigate damages, including making any repairs reasonably appropriate to prevent more damage.
N: The Program is NOT available if the seller of the home failed to disclose a known defect. InterNACHI has no obligation to purchase the home in that event. InterNACHI does not intend the Program to be a substitute for the homebuyer’s right to bring an action against the seller for nondisclosure or concealment.
O: Duty of Cooperation. The Homebuyer must provide InterNACHI with the purchase contract, the digital inspection, evidence showing that the inspector failed to report a defect the inspector should have found under NOAH Standards of Practice, and any other documents InterNACHI reasonably requests.
P: Acceptance of Payment is a Release / Non-disparagement. The homebuyer’s acceptance of payment from InterNACHI constitutes a full release of the inspector, NOAH and InterNACHI from any further liability in connection with the inspection, certification and the program. The homebuyer agrees not to disparage the inspector, NOAH or InterNACHI. This release will need to be signed.
Q: Venue / Waiver of Jury / Attorney’s Fees. The exclusive venue for any action arising out of the Program is Boulder, Colorado. The homebuyer waives trial by jury. In any such action, the Court must order the losing party to pay the prevailing party’s attorney’s fees and costs.
Note: InterNACHI prefers to communicate solely by email (one email thread) so that everyone involved can be on the same page, literally. Read: https://www.nachi.org/email.htm