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Updated about 6 years ago,

User Stats

12
Posts
4
Votes
Ian Cooperman
4
Votes |
12
Posts

Potential Wholesale where seller is giving no time for Inspection

Ian Cooperman
Posted

Hi all, I'm new and trying to determine if this is a normal contractual stipulation for a major rehab. I just received the contract for review for a property that I'm thinking about wholesaling. Looks like the seller doesn't allow property inspections after the Effective Date. Below are the deets. 

Is this normal? If so, would I just use the same contract stipulation with the end buyer? If so, I'm assuming it might be challenging to find a buyer that doesn't have the allotted time to do an inspection.

PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have __0__ (if left blank, then 15) days after Effective Date (“Inspection Period”) within which to have such inspections of the Property performed as Buyer shall desire during the Inspection Period. If Buyer determines, in Buyer’s sole discretion, that the Property is not acceptable to Buyer, Buyer may terminate this Contract by delivering written notice of such election to Seller prior to expiration of Inspection Period. If Buyer timely terminates this Contract, the Deposit paid shall be returned to Buyer, thereupon, Buyer and Seller shall be released of all further obligations under this Contract; however, Buyer shall be responsible for prompt payment for such inspections, for repair of damage to, and restoration of, the Property resulting from such inspections, and shall provide Seller with paid receipts for all work done on the Property (the preceding provision shall survive termination of this Contract). Unless Buyer exercises the right to terminate granted herein, Buyer accepts the physical condition of the Property and any violation of governmental, building, environmental, and safety codes, restrictions, or requirements, but subject to Seller’s continuing AS IS Maintenance Requirement, and Buyer shall be responsible for any and all repairs and improvements required by Buyer’s lender. 

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