Inspection Contingency

What is an inspection contingency?

Inspection contingencies are designed to give real estate Buyers a chance to inspect the property and make sure it is in a satisfactory condition before moving forward with the purchase. 

Do I have to Have One? 

No! You can elect to waive an inspection contingency as a buyer. However, once you waive the contingency, you cannot cancel the purchase based on the condition of the property. 

How long is the contingency period? 

The contingency is in the Offer that you (the Buyer) submit to the seller. The standard period to perform your inspection(s) is 17 days; however, you can change that time frame based on the type of inspections you are getting and the speed at which they can be completed. 

How many inspections do I need?

The most common type of inspection is a home inspection, pest inspection and roof inspection. However, other inspections may be a good idea depending on the property you are purchasing - think well, septic or surveying for boundaries.  

What happens if the property is not satisfactory? 

You can cancel the deal and get your earnest money deposit back. Then it’s back to shopping!