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This option lets the buyer specify that the home be inspected within a specific time period, during which the buyer can negotiate price or repairs based on the inspector’s findings or cancel the contract. Prior inspection reports may be available in the diligence documents. In some instances, the property has an inspection report from more than 4 months ago and needs an updated inspection.
- The seller may be more willing to negotiate with a buyer in contract.
- Opportunity to negotiate a lower price or repairs if any issues are discovered during the inspection process.
- Ability to have the earnest money deposit refunded if the transaction is cancelled before the inspection contingency termination date.
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