Offers to purchase typically condition a purchase contract on a third-party’s physical inspection of the property.
If the inspection discloses a material deficiency under the offer, depending on the offer language, the buyer may rescind the offer and obtain return of the earnest money.
Or, depending on the offer language, the buyer may require that the seller fix the problems within a certain number of days.
If the seller balks, the buyer could, again, call off the deal.
Even provisions appearing straightforward, may be rife with pitfalls for both buyer and seller.
For example, a defect or deficiency to the buyer may be an innocuous trifle to the seller. And the parties may differ as to whether a problem has been adequately fixed.
Your FOS attorney can draft the best real estate contract for you and guide you through any inspection issues.
