INSPECTION CONTINGENCY ISSUES IN THE P&S

There is also typically a contingency to allow the Buyer to cancel upon receiving an unacceptable inspection report. It is always a good idea for a potential Buyer to attend the inspection so that he or she can better understand this report. If the Offer to Purchase or P&S are contingent upon an acceptable inspection, any defects in the home must either be repaired by the Seller prior to the closing or the parties will need to re-negotiate the terms of the agreement to keep the deal together. If the Buyer has included the appropriate contingencies, and he or she is not satisfied with the home inspection, the transaction can be cancelled. Otherwise the Buyer might be out of luck and be forced to close on property that will require thousands of dollars to repair.