London MLS
Kathy Mendham-Meathrel Realty Executives Elite Ltd 7-515 Wellington Rd South London, Ontario, N6C 4R3
Office: (519) 649-6900 Cell: (519) 854-1974
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Inspection condition |
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Should I include an inspection condition in my offer?
An "inspection condition" protects you as a buyer in a purchase offer by allowing you to cancel closing on the deal if an inspector finds problems with the property.
As soon as the seller accepts a written offer, the document becomes a legally binding contract. The purchase contract can be written to include a condition for any repairs found to be needed or related items the seller must take care of before closing. If these are not dealt with, and you have such a clause in your contract, you can delay or possibly cancel the closing. If it's not stated in the contract, you could face losing your deposit. There also may be costly legal implications stemming from backing out of a contract.
You usually will have the right to choose the inspector (and be responsible for paying for the inspections).
Condition clauses should satisfy the concerns of both the buyer and seller. Buyers also can protect themselves by inserting additional necessary conditions. Indicate which items like curtains and appliances are to remain with the house.
Then stipulate you have the right to personally inspect the home before closing to make sure all is in order.
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