After a long and tiring search for a perfect home, you have finally found the one you like and have decided to purchase it. You have discussed the payment details with the seller. The documents have been prepared and you have seen the contract. You finally obtain the loan that you need and everything seems to be set for the purchase. Hopefully your real estate agent included a special provision in the contract to assure you of the security of your purchase - this is the inspection contingency. The inspection contingency is a clause that states that you are allowed to hire an expert to inspect the property and report on the condition of the home and more importantly, allows you to walk away from the deal if the report reveals anything that you are concerned about.
The property contract that you are going to sign should at least contain an inspection contingency that allows you to renegotiate certain clauses on the contract if there is something unfavorable with the house. As a buyer, you have the right to cancel the contract if the report from the property inspector states unsatisfactory conditions on the property. There are times that both parties agree that the seller would shoulder the repair expenses just to have the contract going.
It is crucial that you obtain a home inspection prior to the purchase of your house. It is equally important that you find a competent home inspector. It is not enough that you personally check your future home. There are some things that cannot be seen by the eye of an ordinary person. A certified professional home inspector will systematically go through a house and is trained to identify hundreds of potential problems.
Ensure you have an inspection contingency
Ask your real estate professional to include an inspection contingency in your contract. Do not sign it until you have asked your Realtor to point out the inspection contingency. If you have noticed that the inspection contingency is not in the contract but have already signed it, you would not get the privilege for inspection anymore.
About the Author:
Maryland Real Estate Attorney Larry H. Kirsch is a recognized expert in Maryland real estate law. You can gain free access to his helpful videos for a limited time by visiting his real estate lawyer MD information center.
