- New to learning wholesaling. In a purchase agreement contract, What’s the inspection period clause about? How does that get me out of a contract within that time frame?
You should definitely talk to your attorney on this one!
It will vary by state law. In CA, your inspection clause allows the buyer to bring in inspectors to determine the condition of various portions of the house.
Home inspector inspects the general well-being of the property
Geo engineer inspects the soil of the property
In CA, buyers have 17 days to get all inspections done and sign off on the inspection clause. THIS TIMEFRAME CAN BE NEGOTIATED, MAKE SURE YOU READ YOUR CONTRACT. If you wish to back out of the deal due to an inspection coming back with results you don't agree with, you may do so and keep your good faith deposit. After the inspection clause has been signed, you can no longer back out for reasons relating to the inspection without losing your deposit.
I have no clue how Missouri real estate operates, so please consult with a local agent/attorney as undoubtedly our state laws will vary.
thank you for your responses