• Inspections!

    Posted on April 30, 2014 by in Tips for Buying, Tips for selling

     Are inspections tied to termination-option periods?

    Is a buyer required to complete his inspections during the termination-option period?

    No. The right to inspect the property is in Paragraph 7A of the contract, there is not a contractual tie to the termination option in Paragraph 23. However, most buyers will want to complete their inspections during the termination-option period, so they can exercise their right to terminate if they are not satisfied with the condition of the property after receiving the inspector’s report.

    The buyer also has a tight to re-inspect the property at reasonable times, according to the contract. A seller who refuses to permit inspections at a reasonable time would be in breach of the contract.

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