Weinberger Law

The home inspection contingency in real estate contracts

Buying a home here in Scottsdale can be an exciting, yet nerve-wracking experience. After looking at numerous homes, a buyer finally finds one that he or she wants, but now has to wait until completing scores of paperwork and several due diligence tasks. One of those tasks will more than likely involve a home inspection, which could end up being the critical piece of the real estate transaction.

Most home purchase agreements include a contingency regarding the home inspection. This allows the potential buyer to back out of the deal should the inspection reveal issues with the property. In most cases, the parties attempt to negotiate repairs prior to closing or agree to a price reduction in order to allow the buyer to make the necessary repairs after taking possession of the home.

Considering the importance of this task, future Scottsdale residents need to carefully choose an inspector with all of the necessary certifications to ensure that a complete and thorough inspection is done. Most inspections categorize any defects found as minor, major or material. Minor defects will probably not delay a sale, but major defects could since they may require a significant amount of money to fix. Material defects could definitely stop a sale since they often include issues that bring the safety of the structure into question.

A fresh coat of paint and new landscaping may not be enough to overcome the work needed on a home. If the parties cannot come to an agreement regarding repairs, or the damage is just too great, the buyer should have the opportunity to walk away. The importance of the home inspection report cannot be stressed enough since it is one aspect of the transaction in which any adverse information could be a deal breaker. The real estate purchase contract may list under what circumstances a bad report would allow the buyer to back out of the sale.

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