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Time Limits in purchase agreement - Metro Detroit first time home buyer tips

When they put time limits in purchase agreements they aren't general guidelines.  As a Metro Detroit first time home buyer you need to adhere to the time limits in a purchase agreement.  When they say 10 days to do a home inspection they mean 10 days.  When they set time limits in a purchase agreement it is usually a solid time.  To change any date in a contract an addendum must be written,signed, and agreed upon by both parties.

If the other party doesn't agree then you have to do the home inspection within the time limits.  If you don't do the home inspection within the time limits then you lose your right to inspect the property.  If you lose your right to inspect the property then you might be buying a money pit.

If you don't inspect the property you lose that out.  You lose your ability to be protected if you find something wrong with the house.  You have no ability to negotiate to have the problems fixed or to have the price reduced.

So if you have a 7 or 10 day time limit to get the home inspected, set the home inspection right away.  Don't delay.  It could cost you.

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Posted on Jul 04, 2011 @ 10:27 pm by russ.ravary - View Profile
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