Florida Contracts - Your Inspection Period and Right to Cancel

When buying a home in Florida, you have the right to

obtain inspections on the home you are buying even with an "As-Is" contract for purchase.  You have the option to chose how long of an inspection period you have. Often times we see an inspection period of 14 or 15 days but during negotiations on the purchase you may agree to make your inspection period shorter and only have 7 or 10 days.  No matter what your inspection period is, you  must adhere to that time frame or you may be putting your escrow or "good faith" deposit in jeopardy.

There are many inspections you may want to perform when buying a home.  Your insurance company will require a 4 point home inspection and a wind mitigation or roof certification to secure your homeowners insurance.  You may also want to have the pool inspected, air conditioning inspected, mold inspection, lead based paint inspection and a wood destroying organism inspection. Your home inspection is a general inspection and I advise you to have a pool professional or an a/c professional inspect those items if you think there may be an issue. The Wood Destroying Organism or "WDO" inspection checks for termites and other insects that eat wood.  I advise every home buyer in Florida to have a WDO inspection performed on any home they buy.

You can have all the inspections you want BUT if you

decide to cancel the contract based on the inspection reports, you must notify the seller in writing before the expiration of your inspection period.  Should you decide not to buy the home after the inspection period has ended, the person selling the home may keep your escrow deposit.  Your real estate professional should do everything in their power to keep you to the time frame as set forth in the contract and if you need more time you can request an extension of the inspection period from the seller.  The extension of the inspection period must be agreed upon and signed by all parties to the contract. Should you not adhere to the inspection time frame or written notification, it is not your real estate agent or brokers responsibility. 

Knowing your contract is important. You need a real estate professional who knows the contracts and has the experience and knowledge to provide you with the service you want when selling or buying a home in Trinity, New Port Richey or Hudson Florida.  Contact me online to discuss your real estate needs.

written by Michael J. Gallo