The phrase
"inspection period" refers to a specific time frame given to examine or evaluate something before making a decision or taking further action. During this period, a careful examination or inspection is done to ensure everything is in order and to gather necessary information or make an informed decision.
Full definition
The salesperson fails to get contract changes, such
as inspection period extensions or closing dates, in writing and signed by all parties.
Once I have the contract back, I have a 10 - day
inspection period where I can back out should the property not check out.
I usually have a
short inspection period as a contingency; if I can't generate any interest in that time, I can unwind the deal with no harm or foul.
These writers go an
individual inspection period where they are told to write different articles, and if they fail in our expectations, we do not hire them.
During the
public inspection period, the Electoral Commission must make available for public inspection a copy of every return filed under section 209.
Items such as audio system cleaning, brake pads / linings, clutch linings, coolants and fluids, filters, keyless entry (or other remote transmitter / receiver batteries), † limited slip rear axle service, tire rotation, wheel alignment / balance, † wiper inserts are covered up to the first
maintenance inspection period outlined in the Owner's Manual.
Unless you submitted a higher offer with comparable terms (all cash,
waived inspection period, etc) and you can show the property sold for less than that then it's going to be hard to prove.
Then I wait for the property to go under contract and then I send a letter to the seller stating that I understand the property is under contract and there is a due
diligence inspection period.
During the
public inspection period, the Electoral Commission must make available for public inspection a copy of every return filed under section 205K.
Once a contract is signed, most buyers will require a
home inspection period to determine if any major repairs are needed to bring the home up to par; if there are, the contract could be voided, so it would behoove you to find and fix and broken water pipes, roof leaks, or termite infestations that you find.
Any replacement at the time of, or beyond the
maintenance inspection period is considered maintenance, and is not covered as part of the New Vehicle Limited Warranty.
Utilities can ONLY be turned on during 10
day inspection period and utilities MUST be turned off upon completion of inspections or 10 day period.
You can improve terms by using the seller's escrow agent, reducing
the inspection period, increasing the earnest money deposit, having a sooner closing date, and limiting appraisal and financing contingencies.»
However, the authorities extended
the inspection period to January 16.
For example, Fannie Mae requires 10 percent down for cash purchases, which will all be lost if you choose to drop the deal after
the inspection period expires.
If your offer is accepted you need to make sure that the contract allows for some sort of Due Diligence period or
inspection period.
If you back out of the contract during
the inspection period, you should be able to get your earnest money back.
It is done during
the inspection period so that you can still back out.
Scoping the sewer line or any other inspections would be done after you have the property under contract during
the inspection period (which is usually the first 10 to 15 days of the contract) while your earnest money is still refundable.
In other words, even though there is a purchase and sale agreement, a wholesaler needs to have a real estate license in order to market the property during
the inspection period.
Matthew Paul the contract specifies
no inspection period and buyer to pay 10 % non-refundable deposit upon seller acceptance.
If it's a situation where the seller won't want
an inspection period (that happens, but rarely), I'll walk through with my contractor before signing a P&S.
Just to make sure does the end buyer (rehabber) usually get
an inspection period?
@Jonathan Perez Our procedure is to send the estoppel certificate once offer is accepted - during our due diligence period /
inspection period, and of course your agent sends it to the listing agent for execution by the tenants and there is a section on the form that the current landlord / seller must sign.
Avoid weasel / escape clauses disguising
an inspection period as a time to find partners and all that.
Because it's standard in most contracts to have
an inspection period I make my offers based on the photo and the asking price from the ARV.
At most, the deal should be called off during
an inspection period.
Doesn't
the inspection period kick in after the contract has already been signed, hence an offer has already been made?
You post your house for rent and once a Section 8 tenant selects you,
the inspection period begins only at that point.
During
the inspection period, ask 3 to 5 contractors to bid on the scope of work of the property.
Then during
the inspection period, the investor - buyer can determine the rehab costs based off their own business model, network, and experience.
We put our offer in originally at $ 311,000 with $ 5,000 of concessions, but we had an escalator clause (saying we'd pay $ 1000 more than anyone else, this generally works for us, if it gets crazy we can always back out during
the inspection period, but I've never done that) which was accepted.
We then deducted my realtor commission of $ 8400 and then after
the inspection period, we negotiated a $ 18625 seller concession due to the condition of the home.
Brett suggests having 3 - 5 contractors bid on the rehab costs during
the inspection period to get an accurate cost range.
An Arizona appellate court has considered whether a contract provision requiring a buyer to verify the property's size during
the inspection period protected the seller from a later lawsuit over square footage size.
When you're armed with the results, inform the seller of any issues and negotiate necessary repairs or replacement during
the inspection period.
Does the buyer get
an inspection period?
Be sure to ask your title agent, real estate agent, or real estate attorney about these hidden municipal issues during
the inspection period or, better yet, before you make an offer.
Don't allow your seller to sit through
your inspection period wondering what's going on.
Instead, it can be «a date not more than 30 days after the expiration of
the Inspection Period, or such other date mutually agreed upon in writing by both parties.»