IN MY CONTRACT I HAVE PUT AN INSPECTION CLAUSE IN THE SENSE I CANT FIND A BUYER TO RESELL IT TO I STILL HAVE TIME TO BACK OUT. DO I HAVE TO PAY FOR THAT INSPECTION TO OCCUR, JUST TO SHOW THE OWNER THAT I HAVE INSPECTED THE PROPERTY? THANKS
In my contract i have put in a inspection clause, In case i cant find an investor to resell the property i can still back out. Do i need to pay for a inspection to happen to show the owner that there was a inspection?
You always want to have inspection contingency in your contract, that says that you have the right to inspect the property as many times that you want at your expense and that if the results are unsatisfactory to you that you don’t ave to buy the property. This is your “Out Clause”. If you messed up things such as offering to much it’s this clause thats going to get you out of the contract. Now you aren’t going to actually going to go and pay $400 for an property inspection because that will confirm what’s wrong with the property but won’t tell you how much it will cost to fix it. The reason that you want the inspection contingency it that you need to have a way to get your buyers into the property, your buyers become your inspectors.
I’ve used it to cancel a deal. I didn’t even give them a reason. I just said based on inspection I withdraw my offer. I did it in writing.
Marcus,
When you use such a clause, are you saying contigent upon YOUR inspection or upon a professional inspection that meets your approval?
It’s generic. It just says contigent upon inspection within 5 calendar days. I could have whoever I want do the inspection. That’s when I get my contractor in to do his estimate. Based on that I buy or reject.