secure a loan to pay the purchase amount. Other than this, it may include the loan amount required and the name and details of the lending company financing the deal. Inspection Contingencies — A home inspection contingency clause is essential for both parties, as it can go a long way in closing or breaking the deal. It gives the buyer the right to commission a professional property inspection. If significant issues arise during the inspection, the buyer can leave the agreement without penalty or ask the seller to perform the necessary repairs. The inspection must be conducted by a professional home inspector, usually within a week of an agreement being reached. The inspector will carefully scrutinize the exterior and interior of the home. Usually, the plumbing, ventilation, electrical wiring, and other such elements are inspected. However, the inspector will also examine if personal property, including electrical appliances, is included in the sale. Based on their observations, the inspector will prepare a report. Once your buyer has reviewed the report, they can approve it, reject it, or request repairs. Usually, if a defect has been found in the home that would cost less than $500 to repair, you don’t have to worry about it. The ball will fall back into the buyer’s court to get the repairs done. As a final note, if you have previously listed your home on the market with the help of an agent, you will have to take that listing off the market before you can proceed with the sale. Make sure you protect yourself to avoid any penalties.
BINDING OFFERS AND N FFERS AND NON-BINDING OFFERS
You may have encountered the terms “binding offers” and “non- binding offers.” Read on to learn about these terms and their
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