What is a home inspection contingency?

One of the most important steps in the home buying process is what is known as a home inspection contingency. Making the decision to purchase a home is a massive investment and commitment. You want to know as much information as you can possibly obtain about a home before you buy it. This is where you are going to raise your family or spend the remainder of your life so it is essential to know what you’re getting yourself into. When you make an investment of this caliber, you want to know exactly what you are walking into and the condition of everything within the home.

In order to determine exactly the condition of the home you are buying, you need a home inspection. You need to know if there are any water issues, any mold issues, radon issues, structural issues. Is there pest infestation that has affected the property? All these things go into the sale price. Just because you entered into a real estate contract, hypothetically, for say, half a million dollars, you do a home inspection. Number one, you want to be able to either have any deficiencies repaired or walk away from the deal. In addition, you will want to have any deficiencies repaired by the seller and perhaps an adjustment in the purchase price, a downward or credit, or some type of adjustment in the purchase price, that can assist you in dealing with the present structural integrity of the property. A home inspection can make all the difference in saving you headaches with your home a few years down the road.

If you require experienced legal representation for any of your residential and commercial real estate, bankruptcy, or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.