If the buyer’s contract includes a due diligence period, the purchase and sale contract may be an option for the buyer to purchase until the expiration of the due diligence period. During the due diligence period, usually 10 to 20 days, you may elect to proceed or not proceed with the purchase for any reason or no reason at all. You will need to make sure you have completed all items arising under the contract that are not conditional in nature, i.e., repairs, inspections, etc. Any issues or concerns arising in the due diligence period must be satisfactory to you or must be renegotiated with the seller to your satisfaction. Otherwise, when the due diligence period expires you will be deemed to have purchased the property “as is.”
- In buying and selling real estate nothing trumps a physical inspection of the house itself.
- A home inspection gives the buyer information regarding the physical condition of the house which is needed to make a wise decision. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to (1) evaluate the physical condition, structure, construction and mechanical systems, (2) identify items that need to be repaired or replaced and (3) estimate the remaining useful life of the major systems, equipment, structure and finishes.
- The home inspector gives the buyer an impartial physical evaluation of the overall condition of the home and items that need to be repaired or replaced. An inspection gives a detailed report of the condition of the structural components, exterior, roofing, plumbing, electrical, heating, insulation and ventilation, air conditioning and interior.
- Remember, a previously used home is not a new home. Items of function are essential. Items of appearance are just that. The gray area between is what separates the two.