Now that we’re under contract you should have a full understanding of what the Inspection and Due Diligence Period is and why it’s so important.
When the last party signs the buy/sell agreement, we are officially under contract and our clock starts ticking the next calendar day. This means that we need to complete all investigations of the home within the time frame spelled out in the agreement. (Typically 10 days)
During this time we will have inspections of your choosing completed as well as any other due diligence items that are important to you.
Here’s a list of items that you may want to consider looking into during your Inspection and Due Diligence period. This is not an exhaustive list, but rather items that the contract spells out plus items I’ve encountered over the years. There may be other things you want to check out but this list will give you a starting point.
It’s important to complete your general home inspection early in the inspection period so we will have time to schedule additional inspectors or contractors, if needed. Also make sure you that you work through the due diligence items as soon as you possibly can.
These investigations will give you knowledge about the home and whether you want to stay in the deal or not. We’ll explain this more in upcoming blog posts, but essentially you’ll gather information and decide how to respond. When responding, it’s of utmost importance that you have a clear picture of the condition and other factors affecting the home.
If we run into a snag, we can ask the sellers for an extension, but this will probably push our closing date back. So let’s do our best to complete everything in a timely fashion and meet the contract deadlines.