home-inspections-uga

2 Types Of Home Inspection Contingencies Every Home Buyer & Seller Should Know

Home Inspectors of North Georgia Blog, Home Inspectors of North Georgia, Products & Services Leave a Comment

It’s summer time here in Athens, Georgia, which means two things:

1)  Everyone is getting excited about the upcoming Georgia Bulldogs’ football season and,

2)  A lot of families and students are in transition because they have either graduated from UGA, or they are moving into Athens getting ready start at UGA.

As you can see, the University of Georgia plays a central role here in the Classic City!  But it’s not just UGA that makes summer in Athens exciting.  There are other activities to fill your summer with, such as AthFest.

The Importance of a Home Inspection

Regardless of whether you are coming or going this summer in Athens, if you are looking to buy or sell a home, then there are a few things you need to know that can make the more enjoyable, and more safe, for everyone involved.

As a home buyer or seller, there is one thing that should never be ignored, and that you need to pay close attention to, and that is an inspection on your home.

Buying or selling a home in Athens should be an exciting time for you and your family.  The last thing you want to experience in the process is an unforeseen problem with the home.

For a buyer, the worst time to discover a major problem with your new home is when you’ve already signed all the documents and closed on the mortgage.  And for the seller, the last thing in the world you need is a lawsuit from a buyer who has discovered major problems with the home after moving in.

So to avoid all of the above, and to keep your summer moving in a positive direction here in Athens, it’s critically important to include a home inspection in your buying and selling process.

And along with the home inspection, it’s always a good idea to include a home inspection contingency that will protect the buyer and seller from the unforeseen problems that could arise.

Home Inspection Contingency Clause

As the buyer, it’s important for you to know how to protect yourself during the home buying process.  Within your  sales contract, you can include what’s called an inspection contingency clause.

The contingency clause, in its basic form, protects you from buying a home that has outstanding issues or damage that may not be noticeable at first glance.  As you know, there are a lot of systems at work within a house that you cannot see.

Things like your plumbing, hot water heater, and electrical system all play a major role in the function of your home.

And before you sign on the line to purchase that property, you’ll want to ensure all of these systems are in perfect working condition.

There are 2 types of home inspection contingencies that you can include in your purchase contract:

1)  The General Contingency Clause  

The general home inspection contingency clause  states that you the purchase contract is contingent upon the buyer conducting a “satisfactory” professional home inspection.

The contingency will typically include a certain number of days that the buyer has to report any and all issues to the seller, and will allow the seller a specified period of time to respond to the issues identified in the inspection.

If the buyer is not happy with any aspect of the of the inspection, and as a result decides to not go forward with the purchase of the home, the contract is null and void.

2)  The Specific Contingency Clause  

The second type of home inspection contingency clause is called the specific contingency clause.  The specific contingency clause spells out particular criteria that must be met before buyer can actually back out the contract.

For example, the owner failing to fix a particular problem that was identified during the home inspection.  The specific contingency clause prevents the buyer from walking away from the deal for no specific reason.

Ultimately, the home inspection contingency is in place to protect the buyer and seller from any unforeseen problems, and to give confidence in all parties involved that the house is in excellent shape, ready to moved in to.

The specific home inspection contingency clause you decide to implement into your contract will depend on your unique situation.

However, there is no question that you as the buyer will want the contingency clause in place in order to protect yourself, and your family, during the purchasing process.