This is the buyer’s opportunity to perform any and all inspections that are important to the buyer. Be sure to discuss this in great detail with your buyers agent at the time of writing the purchase offer.
The buyers inspection period begins upon contract acceptance, and expires as identified on line 182 of the purchase contract. Unless this term was modified as a part of the contract negotiation, the inspection period is 10 days after contract acceptance.
At a minimum, the buyer will order and have performed a professional home inspection and wood infestation (Termite) inspection during this timeframe. Note: These services must be paid for in advance, and will not be refunded if the buyer does not complete the transaction.
The buyer’s inspection notice will be delivered to the seller prior to the end of the inspection period. Be sure to discuss the buyer’s inspection notice with your REALTOR at the time of writing the purchase offer.
The seller will have 5 days to respond to the buyer’s inspection notice.
At this point, the buyer should apply for and obtain homeowners insurance for the property.
The buyer will review and approve/disapprove the preliminary title report within 5 days of receipt of the report.
The buyer will approve/disapprove HOA CC&R’s within 5 days of receipt.
In the event of a low Appraisal Buyer may elect to cancel within 5 days.