Searching for a new home? Congratulations! You’ve likely encountered the term “home inspection contingency” and are curious about its purpose and function. In this article, we’ll explain the importance of home inspection contingencies for buyers and sellers.
What is a Home Inspection Contingency?
A home inspection contingency is an agreement between the property buyer and seller outlining the actions to be taken if specific issues arise during the inspection. This contingency is part of the buyer’s offer and must be accepted by the seller to become legally binding.
The goal of this contingency is to protect both parties if unexpected issues are discovered during the inspection. Should any major problems arise, either party can withdraw from the deal without penalty. This ensures that the buyer receives a safe, habitable house while the seller avoids potential losses from unforeseen repair or renovation expenses after closing.
Home Inspection Contingency Inclusions
While the details of each contingency may vary according to state laws, they generally cover provisions for repair costs, repair timelines before closing, responsibility for obtaining necessary permits or licenses, and the outcome if either party decides not to proceed with the deal after due diligence (e.g., refunding deposits).
Benefits of a Home Inspection Contingency
- Protection for the buyer: If the inspection reveals significant problems, the buyer can withdraw.
- No repair responsibility: Without this contingency, the buyer would bear the cost of any necessary repairs.
- Peace of mind: The buyer knows they can handle a problem-ridden house.
- Deposit protection: The buyer can recover their deposit if they decide not to proceed due to inspection results.
- Negotiation leverage: The seller may be more willing to negotiate price or repairs if the buyer has an exit option.
Home inspection contingencies play a crucial role in safeguarding buyers and sellers during a property transaction. Understanding these agreements ensures all parties are protected. As always, consult an experienced real estate attorney before signing any contracts related to buying or selling a home to cover all your bases!
IF YOU OR SOMEONE YOU KNOW IS LOOKING TO BUY OR SELL AND NEEDS A HOME INSPECTION IN MYRTLE BEACH SC OR THE SURROUNDING AREAS, PLEASE BE SURE TO CONSIDER OCEAN BREEZES HOME INSPECTIONS. IN ADDITION, YOU CAN CALL AT (410) 346-5333 OR VISIT OUR WEBSITE FOR MORE INFORMATION OR SCHEDULE YOUR INSPECTION SERVICES TODAY.
At Ocean Breezes Home Inspections, we believe that every home buyer in Myrtle Beach and surrounding areas should have a home inspection performed before making a purchase. A home inspection can help you identify any potential problems with a property before you buy it. It can help you avoid buying something that you will later regret.
Many of the older homes near the water have been damaged by hurricanes over the years and have not been well maintained. Therefore, it is important for prospective buyers to have a home inspection before making an offer on a home.
Our pros at Ocean Breezes Home Inspections can give you the peace of mind that comes with knowing that you’ve made a sound investment. They offer an exclusive 5-Star Package and a variety of other services, such as 90-Day Warranty inspections, Foreclosure Inspections, and more.
If you’re in the market for a home in Myrtle Beach, SC, call Ocean Breezes Home Inspections today at (410) 346-5333 or click to schedule an inspection online via our website 24/7.
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