Easily Remove Date in the Property Inspection Report

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How to Remove Date in the Property Inspection Report

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hey guys welcome back Im Jeb Smith Coldwell Banker Residential Brokerage here and Huntington Beach and today were addressing the question of can you back out of a purchase after the home inspection the easy answer is yes but before we get started Im actually gonna link to a video below that talks about what a home inspection is so that you have more details on what actually happens happens during that process but to get back to the question of can you back out yes you can back out but it has to be during that contingency period right so in the state of California the contract is written to give you 17 days to do all your inspections on the property that includes appraisal that includes home inspection that includes reviewing the seller disclosures HOA disclosures all of that good stuff everything except for the loan the loan gives you 21 days so in the first 17 days you have the opportunity to do your home inspection and after that home inspection you have the opportunity to back ou

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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What happens after removing contingencies?

Once all contingencies are removed, you are in effect saying you understand and accept the property in its current condition (subject to any agreed repairs by the seller) and are going to close escrow.

What does contingency mean in property sale?

A contingency is a clause that buyers include when making an offer on a home that allows them to back out of buying the house if the terms of the clause arent met. Without a contingency in place, buyers risk losing their earnest money deposit if they decide not to purchase the home after making an offer.

Is it a good idea to remove loan contingency?

This clause asserts that your offer is dependent on being able to secure financing. If you remove it, you may not get your deposit back if you cannot obtain a loan, says Herman. So, if youre like most buyers and plan on financing your home purchase with a mortgage, you should never remove the financing contingency.

What happens if buyer does not remove contingencies in California?

The contingencies are not waived automatically after 17 days. However, elapse of the 17-day period allows the seller to deliver a Notice to Buyer to Perform (NBP) giving the buyer two days to remove contingencies. If the buyer doesnt, the seller may cancel.

What does contingency removal mean?

What is a Contingency Removal Date? The contingency removal date is the date defined in the purchase offer specifying when the buyer will remove contingencies and commit to closing. If the buyer backs out of a deal after contingencies are removed, they can lose their deposit.

What is the inspection contingency removal date?

What is a Contingency Removal Date? The contingency removal date is the date defined in the purchase offer specifying when the buyer will remove contingencies and commit to closing. If the buyer backs out of a deal after contingencies are removed, they can lose their deposit.

Should you remove appraisal contingency?

While an appraisal contingency is not required, waiving the clause can make things extremely difficult for you if the home appraisal is low. You could be at risk of breaking the contract and losing your deposit, at the very least.

What is a contingency removal addendum?

The contingency removal form is actually designed to cover the removal of both buyer and seller contingencies. The first section of the form focuses on contingencies that allow the buyer to back out. The second section deals with the sellers removal of a seller contingency.

What is a contingent sale addendum?

During the contingency period, SELLER may continue to market the property for sale and accept a secondary. offer contingent upon release of the purchase AGREEMENT. In the event SELLER accepts a secondary offer, SELLER agree to promptly notify BUYER or their agent, that a secondary offer has been accepted.

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