What’s the Deal w/ an Inspection Contingency?
What’s an Inspection Contingency?
An inspection contingency, also known as a due diligence period, is a period of time that allows a buyer to fully inspect the property before making a final decision whether or not to buy the home. This time period starts immediately after both the buyer and seller have signed the contract, and generally runs between seven and fourteen days, depending on the agreement of the parties.
During this time, the buyer is encouraged to hire a professional home inspector to inspect the property, plumbing and fixtures, heating and cooling systems, and other aspects of the home, for items that need to be repaired or replaced. A buyer can request that the seller either make the repairs or replacements mentioned in the home inspection report, or ask for a reduction in the sales price. If the seller refuses, the buyer can walk away from the deal and keep his earnest money.
Furthermore, under the Georgia Association of Realtors sales contract, a buyer can terminate the contract for any reason before the expiration of the due diligence period and keep his earnest money.
[su_note note_color=”#eeeeee”]There are many other aspects to consider when inspecting a property or navigating the ins and outs of the contract, so if you have any questions about these topics, give the Midtown Condo Experts at CityMax Realty a call today! 404-926-6027[/su_note]