if purchasing a home with a contingency to sell our own, at what point are we required to do our inspections?
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if purchasing a home with a contingency to sell our own, at what point are we required to do our inspections?
We are in Northern CA
For example
We offer to purchase a home we like contingent on selling our own.
The Seller accepts our offer and gives us 15 days for the Contingency and a 30
day escrow.
If we have 17 days to do inspections, do we have to do them right away, or do we
wait until the 15 days is up on the contingency?
Thanks
Asked on May 1, 2016 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You can do the inspections right away if you like, or you can wait until after the sell-your-own home contingency, so long as there is no "inspection contingency" period which you would be violating. (i.e. if there are multiple contingency periods, each one must be met on its own--if you wait too long to do A because you are waiting for period B to expire, you could be in default of A.) That said, since sometimes delays occur and inspections need to be rescheduled, even though it means "risking" some money, in the event you end up not selling your own home, you are probably better of scheduling the inspection sooner rather than later.
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