the time frame within which the buyer is supposed to secure a loan toward the payment of the purchase amount. Other than this, it may also include the loan amount required and the name and details of the lending company financing the deal. Inspection Contingencies — A home inspection contingency clause is important for both parties, as it can go a long way in the closing or breaking of the deal. It gives the buyer the right to commission a professional inspection of the property. If major issues come to light during the inspection, the buyer can walk away from the deal without any penalty, or they can ask the seller to perform the necessary repairs. The inspection must be conducted by a professional home inspector, usually within a week of an agreement being reached. The inspector will carefully scrutinize the exterior as well as the interior of the home. Usually, the plumbing, ventilation, electrical wirings, and other such elements are inspected. However, if personal property that includes electrical appliances and the like is included in the sale, the inspector will examine those, as well. Based on their observations, the inspector will prepare a report. Once your buyer has reviewed the report, they can approve the report, reject it, or ask for repairs. Usually, if a defect has been found in the home that would cost less than $500 to repair, you don’t have to worry about it. The ball will fall back into the buyer’s court to get the repairs done. As a final note here, if you have previously listed your home on the market with the help of an agent, you will have to take that listing off the market before you can proceed with the sale. Make sure you protect yourself to avoid any kind of penalties.
BINDING OFFERS AND NON-BINDING OFFERS
You may have come across the terms “binding offers” and “non-
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