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Contingencies can include details such as the time frame (for example, the buyer has 14 days to inspect the property) and specific terms (such as, the buyer has 21 days to secure a 30-year conventional loan for 80% of the purchase price at an interest rate no higher than 4.5%).
A home inspection contingency allows buyers to hire a professional who will tell them about major and minor issues with a home before purchasing it. A thorough inspection is a critical step in purchasing a home, and many lenders wont offer financing on a home without one.
Inspection Contingency. Many buyers will make an Offer contingent upon a home inspection being performed by a Wisconsin registered home inspector which discloses no defects. What is considered a defect will be determined by the terms of the Offer.
For instance, if a seller offers a certain price and you, as the buyer, say the price is fine (provided the home inspection comes back clean), you have made a contingent real estate contract. In this case, the sale of the house depends on the inspection not having problems defined in the contract.
Removing the contingencies happen when everything agreed to comes to fruition. For example, if the seller agrees to everything on the Home Inspection Contingency, then the contingency is removed.
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The biggest reason to make your offer contingent on a professional home inspection is because it can help you avoid purchasing a home with hidden, expensive, and dangerous problems.
This contingency allows the buyer a specific timeline called as the inspection period, and its about 7 to 10 days. This is the period after the house inspection, where the buyer decides if they still want to purchase the house.
Contingencies can include details such as the time frame (for example, the buyer has 14 days to inspect the property) and specific terms (such as, the buyer has 21 days to secure a 30-year conventional loan for 80% of the purchase price at an interest rate no higher than 4.5%).

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