CABR Purchase Contract Inspection Contingency
CABR Contract to Purchase Class
CABR has a library of contract clauses and more than 40 contracts, forms and guides available for use by CABR members. The Ohio Association (OR) and National Association (NAR) also provide many useful tools for REALTOR® members.
The Cincinnati Area Board of REALTORS® receives calls regarding the provisions in the CABR Contract to Purchase on a regular basis. One of the frequent subjects it the Inspection Contingency.
Did you know that the inspection contingency has two deadlines? The first is for the inspection of the real estate (“Inspection Period”). The second is to facilitate negotiation regarding the condition of the real estate as a result of the inspection(s) (“Settlement Period”).
The Settlement Period only applies to circumstances when the buyer submits a request for repairs, in writing, to the seller or listing agent PRIOR to the expiration of the first date. If no notice is sent to the listing agent or seller within the Inspection Period deadline (the first date), the contract states that the buyer has waived the inspection contingency. This also applies to a buyer’s right to terminate the contract per the inspection contingency. Time is of the essence with regard to this deadline. Therefore, it is important to adhere to it.
It is important to understand the details, deadlines and tricky spots of the CABR Contract to Purchase.
Register for the next class to be presented on May 29 9;00 a.m. – 12:15 p.m.