Contract Contingencies For A Rehab?
I have not done my first deal yet, but I was wondering what kind of contingencies besides a mortgage contingency is standard. Do you do inspections if so what is the out when you know you need to redo kitchen, bathroom, roof. What kinds of things would you put in a standard contract? Any advice would be appreciated.
The three bigges are 1) finance, 2) title and 3) physical inspection.
The below clause is a pretty standard physical inspection clause designed to give you several days to get as many experts as you can to give you bids for repairs and then a couple of more to decide whether or not to do the deal.
"This offer is subject to a satisfactory physical inspection of the subject premises by buyer or buyer's agent within _____ days of seller's acceptance of purchase contract. Buyer shall have the right to withdraw and cancel his/her offer without penalty ___ days after such physical inspection."
Thank you x096214. How about termite inspection?
My cousin bought a ranch ( 20 acres with 134 cows) but he checked the termites in main house and got $10,000 deduction. He was so happy!!!
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I saw a sale voided once after the sale closed by 60 days. They said the house had termites and therefore wasn't uninhabited at the transfer. This also happended to a "haunted house "
Thanks for the advice. I will use it.
House "wasn't uninhabited at the transfer" beacouse of the termites? How about ants? Are they guaranteed not to be around when you buy it? Ah, that's so strange.