Common use of Completion and Inspection Clause in Contracts

Completion and Inspection. Xxxxxxxxx agrees that the direction and supervision of all workers on the Residence, including subcontractors, rests exclusively with Seller, and Purchaser agrees not to issue any instruction to or otherwise interfere with workers. Xxxxxxxxx further agrees not to contract with Xxxxxx’s subcontractors or to engage other builders or subcontractors for any work on or about the Residence except after closing. Purchaser shall at a designated time set prior to Closing Date, completely inspect the Residence with Seller's Warranty Supervisor. Purchaser and Seller shall agree in writing, those items that will be repaired or completed by the Seller within a reasonable time, and upon execution of said agreement, Purchaser will have accepted the Residence and acknowledged that the Residence was constructed pursuant to this contract except as set out in said agreement. It is understood and agreed between the parties that Seller shall be deemed to have performed this contract as to construction of the improvements herein above described when it shall have obtained the final inspection thereon from the VA and/or FHA and/or the applicable code enforcement department. Time being of the essence, Xxxxxxxxx agrees to immediately close the said loan and purchase the above described property within forty-eight (48) hours after all conditions listed in Paragraph Number 6 (CLOSING) have been met and the Seller advises Purchaser that the property is ready for closing. A charge of $100.00 (one hundred dollars) per day shall be assessed against the Purchaser for every day after the forty-eight (48) hours Purchaser fails to close this sale in order to reimburse Seller for the cost of holding this property by the Seller for the Purchaser. In no case shall closing be delayed for cosmetic issues. Further, it is the Purchaser’s responsibility to maintain close contact with Purchaser’s lender and provide lender with updated financial information and give lender updated information with regard to any changes in estimated completion and closing dates.