Now that a contract has been executed and earnest money dropped off, we are officially in the Inspection Period.
What is that?
During this period, we conduct the inspection and negotiate any issues. Sellers need adequate time after we submit our response, to get things together. Call people to provide expert advice, and provide estimates for the repairs. It will give them the information they need to figure out how they are going to respond. Defects that were previously disclosed are not ground 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 cotes 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.
Have any questions?
Call or text: 317.413.1360
Email me: LeeAnnBalta@C21Scheetz.com