All Forum Posts by: Kyle Wakeman

In your offfer, you include "buyer has a 30 day inspection period to March 30 2022 at 5:00pm to accept inspection". (use whatever date is appropriate).

Your agent's broker will help your agent with the local way it is worded. It is a very standard clause.

Then it's up to you to inspect however you see fit, & accept or reject the inspection that you (or anybody else) does. If you don't accept the condition of the property, you give the buyer IN WRITING BEFORE the 30 days that you reject the inspection and are canceling the contract.

Thank you Mike. This makes sense!

0 Votes

Cleveland, Ohio

Quote from @Zachary Inman:

Hey Kyle,

The great thing about home offers is you can put anything in there you want, for better or worse. I would include a clause with an inspection-like DD period, but with less buyer leverage and have a minimum cost of repairs until you have the contract becomes voidable to keep the offer attractive.

Something like:
"With an accepted offer, the buyer has a due-diligence period lasting 14 business days during which they possess the right to inspect the property for major defects. In the case that the cost of repairs is in excess of $10,000, as determined by a qualified contractor, then the buyer possesses the right to dissolve the purchase agreement."

This was extremely helpful Zachary. Thank you.

0 Votes

Cleveland, Ohio

Hello. I am looking to make my first offer and it is a complex situation on the seller's end (POA is selling the house) and their agent is fairly new to the business. I do have an agent helping me with the purchase and I plan on making a cash offer and would like to avoid an inspection clause as I would be forgoing a formal home inspection anyway. However I do want to protect myself and allow myself a due diligence period to get in and confirm there are no major issues that I missed during my showing with my agent. I have heard people use a partner contingency (to be transparent I do have a partner and they have not seen the property yet so this is not a "weasel clause" in this case) so I have a few questions:

Is a partner contingency a good route to take?

- If so, does anyone have any recommendations on language for that?

What are some other ways I could structure the offer to confirm I have some time for due dilligence?

Thank you

3 Votes

Cleveland, Ohio

All Forum Posts by: Kyle Wakeman

Kyle Wakeman has started 1 posts and replied 5 times.

Post: Ways to protect myself when making offers

Post: Ways to protect myself when making offers

Post: Ways to protect myself when making offers

Post: Ways to protect myself when making offers

Post: Ways to protect myself when making offers