Don't Miss the Opportunity to Challenge the Sales Contract

Through the Home Inspection

Often the buyer is confused as to when he/she should order the home inspection. Of course, a home inspection at anytime renders valuable information for the purchaser. However, in order to use the findings in a home-inspection report as a basis for (1) adjustment of the sale price, (2) requiring the seller to make repairs to the property before settlement, or (3)  withdrawing  from the sales contract with refund of any deposit, the home inspection must be completed and written demand made by the buyer to the seller within the time-frame stipulated by the sales contract. This period can vary but is often a period of ten (10) days from the date the sales contract is executed. Unless this period is extended by the seller in writing, the sale will become final upon expiration of the period stated in the sales contract.

Should the buyer refuse go to settlement on the property purchase, the seller can bring legal action for breach of contract and seek monetary damages.

Therefore, the buyer should order the home inspection as soon as possible after signing the contract to purchase the property.

.In fact, if the date on which the contract will be signed is known in advance, the buyer should order the home inspection before signing, scheduling the inspection as soon as possible after execution of the contract.

If the home inspection is not completed and objections based on the report filed with the realtor before the expiration of the period allowed in the sales contract, no degree of structural defects will enable the buyer to legally demand repairs or withdraw from the sales contract.

Upon executing the sales contract, if the realtor does not explain the period during which inspections of the property should be made and the circumstances under which the buyer can recover his/her deposit should results of those inspections be unacceptable, refuse to sign the sales contract until such information can be provided, or even better, have your attorney review the sales contract before signing it.

IMPORTANT NOTICE

This memo is not intended in any way to provide legal advice. Buyers should consult their realtor and/or attorney for advice in the matters above described.

                  InspectRite Services, Inc

                         (304) 222-7573