A home inspection contingency is a condition included in an Idaho RE21 Purchase and Sale agreement or other real estate contract that allows the buyer to have a professional inspection of the property before the sale is finalized. This contingency typically provides the buyer with a specific timeframe, usually between 7-14 days, during which they can have the property inspected by a professional home inspector. The inspection is done to check for any major issues or defects with the property, such as structural problems, electrical or plumbing issues, or pests.
There are two inspections outlined in the Idaho RE21, the primary and secondary contingency. This is not the complete text, but the primary inspection is based on choosing to do an inspection and the timeframe that the inspection will be completed. In addition, there is wording that governs when each party has to respond to the other party. The following language is owned and copyright protected by the Idaho Association of Realtor's and should not be used without consulting an attorney or Realtor for your specific needs.
The purpose of the home inspection contingency is to protect the buyer by giving them the opportunity to identify any problems with the property before the sale is completed. If the inspection reveals any issues that are deemed serious by the buyer, they can then renegotiate the terms of the contract with the seller or choose to terminate the contract. This protects the buyer by allowing them to walk away from the sale or to request repairs or a reduction in the purchase price.
During the inspection, the inspector will typically provide the buyer with a detailed report of any issues found, along with recommendations for repairs or further evaluation. Buyers should keep in mind that the inspector is not evaluating the market value of the home, but its condition. If the inspection reveals any serious issues, buyers should consult with the seller to determine a fair resolution.
It's important for buyers to be present for at least part of the inspection (usually the last 15 minutes) as it's a good opportunity for them to ask questions, get more information about the property's condition, and understand what it may cost to repair any issues found. It's also important for buyers to understand that a home inspection contingency is not a guarantee that the property will be perfect, but it allows buyers to have a better understanding of the condition of the property they are purchasing and make informed decisions.