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09-15-2006, 03:59 PM
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| | | cancell contract after inspection contingency
What is the name of your state? Wi
If i sell a home, and it has a buyer inspection contingency, that has 7 days to comply, the inspection gets done, and there are a few things stated by agent that buyers have concerns about. What happens after 7 days pass, and the buyers do not come back with any written ammendments to the contract or request any concessions for repairs. Does this satisfy inspection contingency, the seller does have the right to cure, so i would think by not responding, they are excepting the state of the property and must comply with the contract or forfeit the earnest fee? |
09-15-2006, 04:11 PM
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Originally Posted by glenjr What is the name of your state? Wi
If i sell a home, and it has a buyer inspection contingency, that has 7 days to comply, the inspection gets done, and there are a few things stated by agent that buyers have concerns about. What happens after 7 days pass, and the buyers do not come back with any written ammendments to the contract or request any concessions for repairs. Does this satisfy inspection contingency, the seller does have the right to cure, so i would think by not responding, they are excepting the state of the property and must comply with the contract or forfeit the earnest fee? | In my state (PA) if the date of the inspection reply passes and the buyer has not notified the seller of any issues, it is assumed that the buyer has no issues. If he does - to bad, he missed the deadline.
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09-15-2006, 06:05 PM
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Originally Posted by glenjr What is the name of your state? Wi
If i sell a home, and it has a buyer inspection contingency, that has 7 days to comply, the inspection gets done, and there are a few things stated by agent that buyers have concerns about. What happens after 7 days pass, and the buyers do not come back with any written ammendments to the contract or request any concessions for repairs. Does this satisfy inspection contingency, the seller does have the right to cure, so i would think by not responding, they are excepting the state of the property and must comply with the contract or forfeit the earnest fee? | And the REAL answer is.... read your contract. It should stipulate what rights each party has as to the inspection.
And what happens in PA has NOTHING to do with this thread.
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09-17-2006, 02:45 PM
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Originally Posted by JETX And the REAL answer is.... read your contract. It should stipulate what rights each party has as to the inspection.
And what happens in PA has NOTHING to do with this thread. | You're right. But, I bet there is a "time is of the essence" clause in the contract.
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09-17-2006, 06:40 PM
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| | | Agree with ther "read the contract". I've seen many such clauses written that require the buyer to be PROACTIVE to notify, and failure to act is a form of acceptance of condition in the inspection. But only you have the contract there to review.
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