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Updated over 4 years ago,

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What if we don't lift inspection contigency?

Roxana Daneshjou
Posted

We are buying a vacation rental property in a gated area by a lake. Things are very laid back there, mostly retirees and vacation rentals. We're under contract, but I've noticed the same laid back attitude with this process (maybe it's because I'm type A that this bothers me).  For example, we are supposed to have disclosures, hazard maps, etc, and septic inspection within 7 days.  I got a minimal disclosure packet from the seller, the agent didn't even put in any notes and said "they would be coming".  It's been 7 days. They're now saying that the septic inspection will come in a "couple weeks" and that they'll take care of everything.  My home/roof/pest inspection is scheduled for this week, within the 17 days inspection contigency period that we set.  But I don't want to lift any contingencies until I have all the information that I am supposed to get and until I can negotiate any issues. If after 17 days, I still don't have the reports from their side, do I have to lift the contingencies? I guess at that point, that means they can walk away, but I'm okay with that because I am not going to buy a property without information. What if we hit near the close date, and I still don't have the info... I think that's when I would walk away.  The last house we bought was our own in a place where everything was done by the book and on time, with pages and pages of detailed disclosures from the seller and the seller's agent.  That's the only comparison I have. 

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