The Residential Purchase Contract was written largely to protect the interest of buyers while being fair to all parties. This is done so by providing buyers several opportunities to make sure the property and transactional circumstances are right for them. Among those opportunities is the right for buyer inspection and due diligence. This inspection period not only includes a physical inspection of the property but inspection as to the condition of title, neighborhood and homeowners association rules and regulations; as well as, review of all seller required disclosure documentation.
The inspection period typically falls within the first 10 days after the purchase agreement has been signed by both buyer and seller. The buyer has the right to physically check anything on the property as long as the property is in the same condition as before the inspection. The buyer also has the right to cancel within the inspection period, for any reason.
While doing your homework and being satisfied with your inspections are crucial, making sure you are protected for the future only makes sense. This is where a home warranty comes in to play. A home warranty policy covers repair or replacement for most of a home's major mechanical systems; such as, heating, cooling, plumbing, electrical and some appliances. Home warranty companies offer a variety of plans to meet different budget needs. Typically, buyer representatives are successful in negotiating the seller to pay this cost as a good faith of his assurance that the home is being transferred in good condition.