*The posts on this blog are informational only and do not offer legal advice. Buyers and sellers are advised to seek the advice of an attorney when negotiating contracts of sale and purchase.
Central Coast Real Estate - How Many Days Does the Buyer Have to Inspect the Property?
In the standard residential purchase contract used on most real estate transactions on the Central Coast, the buyer has 17 days to complete all their inspections. The seller has 7 days to provide disclosures to the buyer, and the buyer then has an opportunity to review those disclosures within their inspection period. Sellers may want to shorten or elongate the standard 17 day inspection period depending on the inspection requirements of the property. The amount of time for inspections is completely negotiable. Most bank sellers (foreclosures) will shorten the inspection period to 10 days and as little as 5 days.
Sometimes, one inspection leads to another and then another. It is important to note that the inspection period does not automatically close in a typical residential purchase contract. The buyer must sign a contingency release form to end the inspection period. The buyer's time periods for their appraisal and loan contingency usually run concurrent to the inspection period (17 days), so that in a standard contract, the seller can ask for a full waiver of contingencies after the 17th day. If the buyer backs out after all contingencies are waived, they will waive their deposit. Different rules apply to foreclosure purchases as banks draft their own addendum and contracts which will control the transaction. Many times the bank will require the inspection period to automatically close without the need for a contingency release. So, if you want the inspection period to stay open, you have to submit a separate request.
It is important to work with an experienced Realtor when buying or selling your home, and my background as an attorney is a vital asset when navigating through this process. If you are thinking of purchasing or listing your Central Coast home, call me at (805) 878-9879 for a free consultation.
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