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Updated over 4 years ago on . Most recent reply
What if we don't lift inspection contigency?
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.