Inspection Clause

[acego2]

Any info on what to put on an inspection clause for my contract?

[tcwood]

I’m not sure if I understand what you’re asking, but typically you give yourself at least 10 days to do a property inspection. If the inspection results is not satsifactory, you have the option of canceling the contract.

[ericmedem]

I would put something to the effect of

Offer contingent upon buyers approval of inspections within 10 business days of a fully executed contract. Seller is to grant the buyer access to the home anytime within the 10 day inspection period. If inspections are not to the buyers satisfaction, the buyer may terminate the contract and recieve a full refund of earnest money, or make a written counter offer to the seller with regard to the unsatisfactory conditions.

Thats off the top of my head, I gotta roll or I would ad more

[terryall]

@ericmedem post:3

I would put something to the effect of

Offer contingent upon buyers approval of inspections within 10 business days of a fully executed contract. Seller is to grant the buyer access to the home anytime within the 10 day inspection period. If inspections are not to the buyers satisfaction, the buyer may terminate the contract and recieve a full refund of earnest money, or make a written counter offer to the seller with regard to the unsatisfactory conditions.

Thats off the top of my head, I gotta roll or I would ad more

Eric, Thanks for the reply. I think that the OP was asking something similar that I am looking for. In the wholesale deal I have heard that if you put in an inspection clause at the end of the PS Agreement that will cover you as an out should you need one…example, it’s a great deal but the seller wants you to put up a large deposit. In the past I have let those deals walk because I don’t have the $$ to put up. So others have told me to put in that inspection clause (esp on an ugly house) and that can be your out of the contract without losing the deposit. Has that been your experience as well? I am finding that a lot of sellers where I live ask for larger deposits than the $100 I am willing to give. Any thoughts on this?

[ericmedem]

I would put that the earnest money is due upon the release of the inspection clause, which in this case is 10 business days, then if your buyers like the home collect a non refundable deposit from them and use it as your own.

Tell the seller that it saves you accounting problems by not giving them a check prior to inspections. this is easy to explain becasue if you dont want the home prior to your inspection release you will be cancelling the contract either way. The end result is the same in both scenarios.