Information for Buyers: Home Inspection Contingencies
The majority of the purchase agreements include an inspection contingency clause that allows the buyer to hire a professional home inspector to do a visual inspection of the homes major systems to see if they are in working order and to check for apparent structural problems.
If there are items that are not in working order, windows that don’t function properly, evidence of prior basement water problems, roofs that need to be re-shingled, and so on, the inspector will note that in his report.
The buyers may submit a list of items which they would like the seller to correct. The seller has a predetermined amount of time to decide if they are willing to correct the listed items. Usually the buyers and sellers are able to work something out. If not, the buyer has the right to cancel the purchase agreement and have their earnest money refunded.
The positive side of inspection contingencies is that the inspector usually addresses and overcomes any of the buyer’s misgivings on the home and confirms their decision to move ahead with the purchase.
We have learned this information through years of experience. However, we are sure your situation might be different. That's why WE ARE HERE. It is our job to personally advise home buyers and sellers. Ask us if any of the information here applies to your situation.
If you have any questions about the information you have found here or somewhere else, ask us. We will respond quickly without cost or obligation.