Common use of HOME INSPECTION CONTINGENCY Clause in Contracts

HOME INSPECTION CONTINGENCY. This Agreement is contingent upon a written determination, at Purchaser’s Expense, by a New York State Licensed Engineer, Architect or Home Inspector, that the premises are free from any substantial structural, mechanical, heating, electrical, plumbing, roof covering, water, septic or sewer defect. The term “substantial” shall be defined as any individual defect which will reasonably cost over $1000 to correct, excluding any item previously disclosed in writing by the Seller to the Purchaser. Purchaser shall complete said inspection no later than full calendar days from acceptance of this Agreement. This Contingency shall be deemed waived unless Purchaser shall give written notice of cancellation of this Agreement to Seller or Seller’s Agent no later than full calendar days from acceptance of this Agreement (the “Notice Cancellation Date”) stating the existence of a substantial structural, mechanical, heating, electrical, plumbing, roof covering, water, septic or sewer defect and supplies written confirmation thereof by a copy of the inspection report or letter from the inspector. If the Purchaser gives such notice of cancellation, then this Agreement shall be deemed cancelled, null and void and all deposit monies shall be returned to Purchaser. As an alternative to giving notice of cancellation by the Notice Cancellation Date, Purchaser may extend the Notice Cancellation Date for five (5) full calendar days by giving notice of extension thereof to Seller or Seller’s Agent no later than the Notice Cancellation Date.

HOME INSPECTION CONTINGENCY. This Agreement is contingent upon a written determination, at Purchaser’s Expense, by a New York State Licensed Engineer, Architect or Home Inspector, that the premises are free from any substantial structural, mechanical, heating, electrical, plumbing, roof covering, water, septic or sewer defect. The term “substantial” shall be defined as any individual defect which will reasonably cost over $1000 to correct, excluding any item previously disclosed in writing by the Seller to the Purchaser. Purchaser shall complete said inspection no later than   full calendar days from acceptance of this Agreement. This Contingency shall be deemed waived unless Purchaser shall give written notice of cancellation of this Agreement to Seller or Seller’s Agent no later than   full calendar days from acceptance of this Agreement (the “Notice Cancellation Date”) stating the existence of a substantial structural, mechanical, heating, electrical, plumbing, roof covering, water, septic or sewer defect and supplies written confirmation thereof by a copy of the inspection report or letter from the inspector. If the Purchaser gives such notice of cancellation, then this Agreement shall be deemed cancelled, null and void and all deposit monies shall be returned to Purchaser. As an alternative to giving notice of cancellation by the Notice Cancellation Date, Purchaser may extend the Notice Cancellation Date for five (5) full calendar days by giving notice of extension thereof to Seller or Seller’s Agent no later than the Notice Cancellation Date. _________ (initials) HOME INSPECTION WAIVED Purchaser acknowledges the right to make this Agreement contingent upon a Home Inspection, but waives the right to said inspection unless required by lender.