With the exception of new construction, Residential Real Estate is typically bought and sold "As is with the right to inspect" which means that
Buyers purchase the property AS IS and Sellers are exempt from any obligation to warrant the condition of their properties, and are exempt
from any obligation to repair them. As such, it is highly recommended that Buyers hire a professional home inspector to inspect the condition
of the subject property during the "Property Inspection Period" of the contract.
a. Property Inspections are optional, yet highly recommended
b. Realtor orders a Property Inspection Report at an approximate cost of $350.00 (paid for by Homebuyer)
c. As per the covenants of the "Property Inspection Period" clause of the contract, Homebuyers have the right to cancel the Purchase
Transaction and be released from all of its contractual obligations provided that they cancel the contract within the "Property Inspection
Period" at which event, Homebuyers are also entitled to be refunded the full amount of their Earnest Deposit.
d. The "Property Inspection Period" is typically seven (7) calendar days.
8. Final Loan Approval
a. Homebuyer notifies Seller of Homebuyer’s receipt of Loan Approval within the "Loan Approval Period" as stipulated within the
b. The "Loan Approval Period" is typically 30 days