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.
