The importance of adhering to time limitations specified in the inspection contingency.
Residential real estate Purchase and Sales Agreements almost always contain an inspection contingency.The purpose of the inspection contingency is to allow the buyer time, after signing the Agreement, to have a professional inspect the property and report on actual or potential problems discovered. The reported results of the inspection often lead to additional negotiations, and, on occasion, an adjustment of the sales price. The Agreement will contain strict time limitations for conducting the inspection and reporting the results. Failure to adhere to the time limitations specified in the Agreement may constitute a waiver of the Buyer’s right to conduct the inspection or request a price adjustment based on the results.
Whether you are a Buyer or a Seller, it is our responsibility to assure that the applicable time limitations are adhered to so that your rights pursuant to the Agreement are protected.