Buying a home is a major financial commitment, which is why you need to ensure you’re protecting yourself throughout the process. There are many ways that you can do this, but one that’s especially important is having a home inspection, but just having the inspection isn’t enough.
You need to ensure that you have a home inspection contingency clause in the contract. This gives you a way to get out of the contract to purchase the home if the inspection unearths something serious that wasn’t disclosed.
What is a home inspection?
A home inspection is handled by a trained professional. They take a deep look into the condition of the home, including the structural components, roof, electrical system, plumbing and other systems. While many inspections don’t uncover much that’s unexpected, there is a chance that things will be found that could amount to a serious financial drain.
What is a home inspection contingency clause?
A home inspection contingency gives you the right to have the property professionally inspected after your offer is accepted, but before the sale is final. If the inspection uncovers serious issues, this clause gives you options: you can ask the seller to make repairs, negotiate a lower price or even walk away from the deal without losing your earnest money.
The home inspection contingency is only one possible contingency to include in a contract to purchase a home. Understanding all of the protections that are available to you can be beneficial and may help you to protect your interests. Because these matters are often complex and involve considerable financial commitment, it’s best to have someone on your side to assist throughout the process.
