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.
Under Indiana law, “Defect” means:
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.