Buying SFR currently under renovation. Purchase Agreement wording?

[Frank Jiang]

Hi BP!

I'm currently looking to purchase a property that is still in the middle of being rehabbed.  The selling agent stated that the rehab will be done in ~3 weeks.

Is there anything specific that should go into the Intent to Purchase Agreement?

The current escape clause is worded like so: "Contract contingent upon buyers full satisfaction of inspection when rehab is completed."

Should there also be considerations for:

- Timeline of deal (escape if rehab is taking too long)

- Scope of work.  We have a full list of the work that they are doing.  It's very long list.  Only thing that looks somewhat worrisome is a foundation leak repair and all associated water damage.

- Anything I haven't thought of because I've never put a house under contract that wasn't fully completed.

Thanks a lot!