After accepting an offer, we are under contract and are required to work through the 17-day contingency period for the buyer's inspections. Since we were pro-active with a pre-inspection, we should not have much, if any surprises.
There are other inspections like geological, sewer line, lead-based paint, mold and fireplace inspections that can also be performed to determine the condition of the property.
Please read page 5, section 14 of the Residential Purchase Agreement to learn about the time periods and contingencies. Once the 17 days or whatever amount of days we have agreed on expire the buyer must remove their contingencies and move forward with the transaction. If not, the seller can cancel and move on to locate another buyer. The original buyer may lose their deposit if they do not act according to the contract.
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