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, some contingencies require 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 an anticipated timeline and tasks snapshot that pertains to your individual transaction.
If you are selling undeveloped land, the buyer has an opportunity to set a feasibility contingency to learn about the viability and costs for developing the parcel to meet their goals. This allows the buyer to investigate development options on raw or improved land, or when there are development and/or land use questions.
This may include, but is not limited to:
Development regulations vary by jurisdiction, and the feasibility period provides time for a buyer to learn about the regulatory framework that applies to the parcel(s) you are offering for sale.
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