Protect Your Investment with the Inspection Clause!

What is the inspection contingency clause?

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What is the inspection contingency clause?

This is a clause that gives the buyer the right to inspect the property that he or she intends to buy, with the purpose of determining hidden damages or

deficiencies that need repairs and may not have been seen during the day of the first visit to the property.

Where is this clause stipulated?

This clause is stipulated in the sales contract. The contract states the following:

· Deadline for carrying out the inspection

· In the standard contract: the maximum repair cost the seller must cover

Who carries out the inspection and how do they do it?

A certified inspector carries out the inspection by using instruments, tools, and measurement techniques to determine the condition of the following:

· Structure

· Appliances

· Air conditioning and heating systems

· Water heater

· Electrical wiring

· Roof

· Water pressure / plumbing system

· Electrical switches

· Source and quality of the water

· Septic system

· Presence of pests (termites, cockroaches, rats, mice, etc.)

The inspector prepares an extensive report with an estimate for repairs or replacements that will give you a clear picture of the conditions of the property.

Is the seller responsible for the repairs?

It depends on the contract. In Florida, most sales use the "AS IS" contract: the seller does not have to make repairs, but during the inspection period (often 10 to 15 days) the buyer can cancel for any reason and get the deposit back, or negotiate a lower price or a credit. In the standard Florida contract, the seller pays for certain repairs up to an agreed limit.

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