24 - What is an inspection period?

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Understanding what is an inspection period.

When a buyer and seller wants to deal in a real estate transaction. It is common for a buyer to sign before checking the property. What they’d want is to bring in professionals to evaluate the property and see how much it will take to fix the property.

The inspection period is to provide time to do the evaluation and create a report. It usually lasts from 5 to 10 days in most cases.

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Fernando O. Angelucci is Founder and President of Titan Wealth Group. He also leads the firm’s finance and acquisitions departments. Fernando Angelucci and Steven Wear founded Titan Wealth Group in 2015, and under his leadership, the firm’s revenue has grown over 100% year over year. Today,

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So what is an inspection period? When a buyer and seller come together and they would like to deal on a real estate transaction. Usually the buyer is willing to sign the purchase agreement before even seeing the property or doing quick buck of the property. But we usually need to do is bring in some third party professionals to evaluate the condition of the property, any type of repairs that may be needed and how much of those repairs may cost. So during the inspection period and inspection contingency that usually gives the buyer anywhere between five to 10 days to bring in third party risk professionals and to evaluate the condition of the entire property. At the end or before the end of the inspection period, the buyer must then submit a report to the seller saying, here are the things that I found that I need addressed, and we can either get a credit for these costs, you can fix these things, or we can cancel the contract here and go our separate ways. So usually inspection period is going to be anywhere between five to 10 days in most cases.