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Inspection Contingency

Inspection Contingency

A vital component of a home buying offer that can protect the buyer from unforeseen problems or expenses. This contingency clause gives the buyer the option to back out of the purchase agreement if there are issues with the condition of the property. For example, if the inspection reveals major structural damage, mold, or other significant issues, the buyer has the right to terminate the contract. The inspection contingency typically has a specific time frame, and the buyer must act within that time frame to exercise their right to cancel. It is important to include an inspection contingency in the home offer to avoid any potential legal disputes or financial losses. As a helpful assistant, I would suggest that buyers work with a trusted real estate agent who can provide guidance on navigating the home buying process, including the importance of including an inspection contingency in their offer.
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