Inspection Contingencies

By
Real Estate Agent with RE/MAX Agents Realty

Many purchase offers today have a contingency clause which allows the buyers to have an inspector or professional expert to inspect the property. If there is a significant defect in the property, the buyer can cancel the contract without losing the earnest money deposit. Such contingencies may make a seller nervous, but they are an excellent procedure for both the buyer and the seller.

The time period for inspection contingencies is negotiable. In most parts of the country, the buyers have about a week in which to cancel the contract if the structural inspection reveals a serious and consequential defect.

The positive side to such contingencies--the inspection usually addresses--and overcomes--the buyers' misgivings and confirms their decision to move ahead with the purchase.

Posted by

Dallas Chambers

RE/MAX Agents Realty

Office:  770-922-7777 X316

Cell:     770-595-1541

Web: www.dallasc.remax-georgia.com

E-Mail:  dallasc@remax.net

Each Office Independently Owned and Operated.  All information deemed reliable but not guaranteed.

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Topic:
Home Buying
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Georgia
Tags:
foreclosures
bank owned
short sales
homes for sale in conyers ga
homes for sale in covington ga

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Rainmaker
514,381
Tom Priester
Paradise Sharks - Jupiter, FL
Paradise Sharks

Dallas, inspection contingencies are the bomb. 

May 06, 2010 10:39 PM #1
Rainer
126,123
Barbara Kornegay
REMAX Essential - Wilmington, NC
Wilmington NC Real Estate, Homes

Very useful informtation for the public... What would we do without these contingencies Postive Postive Postive Thoughts for today:):)  Blog on

May 06, 2010 10:58 PM #2
Rainmaker
97,831
Sam White
College Station, TX
Integrated Marketing - Bryan College Station,

Our contingency, or option period, allows a buyer to walk for ANY reason during the period, which is usually 7-10 days. It keeps "negotiations" open longer, but also keeps everyone honest.

Have a great Friday!

May 07, 2010 12:05 AM #3
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Rainmaker
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Dallas Chambers

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