Home Inspection Contingency
What will be the duration of a home inspection?
In general, the home inspection takes several hours which could be more or less, depending on the size and the state of the house.
Which party will be responsible for paying for a home inspection?
Normally the inspection cost is borne by the buyer, but there may be some variations in the agreement.
Can I accompany you during the home inspection?
Yes, home buyers can participate in the home inspection process to ask questions and get additional information regarding the property.
What if the home inspection detects faults?
The purchaser may bargain either for the repairs to be done ahead of closing or a reduction in the price to take into account the cost of repairs.
How does Home Inspection Contingency Work, and what are its main elements?
The inspection contingency usually permits a specific period comprising 7-14 days, in which a buyer appoints a specialized inspector to evaluate the property. If minor issues come to light, the buyer can bargain for repairs, refunds, or pull out at no cost.
Home Inspection Contingency : Importance, Clauses & Addendums
A home inspection contingency is a clause included in a real estate contract that allows the buyer to hire a professional home inspector to evaluate the condition of the property before finalizing the purchase. This contingency typically specifies a certain period of time, often around 7-10 days, during which the buyer can conduct inspections and negotiate repairs or credits with the seller based on the inspection findings. If significant issues are discovered during the inspection that the buyer is unwilling to accept or address, they may have the option to withdraw from the contract without penalty, or negotiate with the seller for repairs, credits, or a reduction in the purchase price.
Geeky Takeaways:
- The home inspection contingency provides buyers with a crucial opportunity to assess the condition of the property before committing to the purchase.
- If significant issues are uncovered during the inspection, buyers can use the findings as leverage to negotiate with the seller.
- Typically, the home inspection contingency comes with a specified time frame, often around 7-10 days.
Table of Content
- Importance of Home Inspection Contingency
- What a Home Inspection Covers?
- Exterior Inspection
- Interior Inspection
- Not Covered in a Home Inspection
- After the Home Inspection
- Is Home Inspections Worth the Investment?
- How and When to Waive the Inspection Contingency?
- Conclusion
- Home Inspection Contingency – FAQs
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