Thursday, August 17, 2006

Professional inspections contingency in a real estate contract

I've had a deal recently where the inspection report that was completed was amazingly broad and the language of the inspector was just too far-reaching. In this particular case we were representing a Seller so the inspector's breadth was frustrating because it allowed the Buyer to cancel the contract under the inspection contingency. It sure seems like these reports almost always have the unwritten intent to provide for a Buyer to get out of a deal if they want too. Is this the best way to get a Buyer out of a deal (whether because of the inspection or another issue)?

As long as there's some language that's even the least bit doubtful about one of the major components in the home, Buyer's out of the deal right? You'd hope that these licensed inspectors are doing things properly or I imagine there is some mechanisim to complain to the State. But it just seems to me that almost every report I see is written in such a way that a Buyer could cancel the contract if he/she wanted too.

How can we represent our Sellers more effectively?

0 Comments:

Post a Comment

Links to this post:

Create a Link

<< Home

Google