Now that a contract has been executed and earnest money dropped off, we are officially in the Inspection Period.
During this period, we conduct the inspection and negotiate the resolution of any findings made by the inspector. Sellers need adequate time after we submit our response to call the necessary service providers and get estimates for any repairs. Defects that were previously disclosed are not grounds for terminating the contract and should be addressed in the Purchase Agreement.
What is a Defect?
Under Indiana law, “Defect” means:
a condition that would have a significant adverse effect on the value of the house,
that would significantly impair the health or safety of you and your family,
or if not repaired, removed, or replaced would substantially shorten or adversely affect the expected average life of the premises.
In not so many words, we will address everything expensive, dangerous, or structural.
We will get an Inspection Response from the sellers after they gather their quotes and professional advice, and the game of negotiations will start! Don’t worry. Remember that I am your relentless advocate.
Your part in the game is to hang tight and be patient at this time. If we cannot get all of the above completed during the time frame agreed upon in the contract, we can ask for an extension of the inspection period.