inspection contingencies

Should I include an inspection contingency in my offer?

An "inspection contingency" protects you as a buyer in a purchase offer by allowing you to cancel closing on the deal if an inspector finds problems with the Knoxville TN area property.
As soon as the seller accepts a written offer, the document becomes a legally binding contract. The purchase contract can be written to include a contingency for any repairs found to be needed or related items the seller must take care of before closing. If these are not dealt with, and you have such a clause in your contract, you can delay or possibly cancel the closing.
If it's not stated in the contract, you could face losing your deposit. There also may be costly legal implications stemming from backing out of a contract.
You usually will have the right to choose the inspector (and be responsible for paying for the inspections). In addition to an overall inspection for structural soundness, you can request a satisfactory pest control inspection report, roof inspection report or contingency for no potential environmental hazards such as asbestos or radon gas.
Contingency clauses should satisfy the concerns of both the buyer and seller. Buyers also can protect themselves by inserting additional necessary contingencies. Indicate which items like curtains and appliances are to remain with the house. Then stipulate you have the right to personally inspect the home 24 hours before closing to make sure all is in order.

Questions about Knoxville TN Real Estate?

Ask us below or Call us Now at 865-690-1300

Syndicate this Site

Get the newest real estate Information from our site delivered right to your desktop!

Sitemap

Payment Estimator

Knoxville Homes
Cedar Bluff Homes
Farragut TN Real Estate
Knoxville Condominiums

Thanks Again For Visiting the Knoxville TN Real Estate Information Website

David Hamilton, CDPE, REALTOR®
FERGUSON REALTORS
8085 Kingston Pike
Knoxville, TN 37919
Cell 865-310-0636
Office 865-690-1300
Toll-Free 800-747-0713
Toll-Free Private Fax 888-600-5128

By completing a form on this site, you are making an inquiry and are granting your permission for an agent to contact you via telephone and/or email.

Just Listed RSS Feed

See the newest properties as soon as we enter them in your favorite feed reader!

Don't worry about missing the right one... we make it easy for you!