Inspection contingency when representing the buyer.
As we all know the real estate market is very aggressive. It’s a sellers market and agents are being very creative when presenting offers. How do I word in my contract that my buyer is doing an inspection just for informational purposes but not requesting any credit or repairs. However, what about if structural damages/plumbing or electrical are discovered. Can you walk away from the contract without loosing your deposit/earnest money. I’m in NJ.
What’s the best way to word it in the contract (inspection for informational purposes) but at the same time protect your buyer. Advise please;
Most Popular Reply
If the electrical isn't insurable would that be okay with your client? If a structural beam was cut would that be okay? The problem with AS-IS - is that you're not saying your buyer will take it AS IS if AS IS is unacceptable. Leave the Inspection Contingency alone; for competitive purposes, shorten the contingency period. Then in the "other conditions"/narrative section state that the property must pass a 4-Point Inspection. That not only ensures that the major components are in good condition but that they have enough life remaining to engage insurance coverage.
There are a lot of ways to make an offer more enticing without boxing your client in.