Inspections and Contingencies
Inspections and contingencies allow for due diligence and clarity on the condition and suitability of the property for the buyer, and are part of the escrow process. In our market, it's generally the responsibility of the buyer to arrange and pay for inspections, which are performed on the buyer's behalf. In Jefferson County, the septic inspection is the exception, and is generally arranged and paid for by the seller.
Some of the inspections for residential property include, but are not limited to:
As part of the purchase and sale agreement, the buyer is generally required to provide written notice of any disapproval by a specific date. These dates are a significant part of the escrow process and I provide my clients with a timeline and tasks snapshot that pertains to their individual transaction.
If you are purchasing undeveloped land, there's an opportunity for you to set a feasibility period to learn about the viability and costs for developing the parcel to meet your goals.
This may include, but is not limited to:
Development regulations vary by jurisdiction, and the feasibility period provides time for you to learn about the regulatory framework that applies to the parcel(s) you are making an offer on.
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