Within the Inspection Period defined per the Sales Contract, the buyer is entitled to purchase one or more written home inspection reports deemed necessary.
While it is always important to monitor the deadline date of the Inspection Period, it is even more critical if the buyer is getting more than one inspection report. If the buyer is obtaining multiple inspection reports, it is important that the buyer have time to review ALL of the reports for defects prior to submitting the Inspection Notice.
Why? Because the Inspection Period ends upon upon the delivery of the Inspection Notice, or when the time period of the Inspection Period expires, whichever comes first. Once the Inspection Notice is submitted to the seller, the sales contract does not provide for new/additional Inspection Notices after the initial Inspection Period ends.
Although home inspections are not required, they are highly encouraged. Buying a home is a massive investment, and an inspection can identify builder oversights and whether the home is in needs of major repairs. A standard inspection report covers the condition of the home’s heating, A/C, plumbing and electrical systems. It also includes the condition of interior elements like the roof, attic, visible insulation, walls, ceilings, floors, windows, doors, foundation, basement, and structural components. Being certain of the overall condition of the home will allow buyers to make decisions with confidence.
The Inspection Period is not the only important deadline date to monitor in a sales contract. Read this post for more information on the deadline dates that you and your client need to be aware of.
Founded in 2006, the team at First United Title Agency brings more than 100 years of combined experience in Independence Title Insurance andKansas City Title Insurance, Overland Park real estate, mortgage documentation and closing techniques.