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Today, we want to talk about the phase of a real estate transaction called the buyer's due diligence period. This can be a difficult concept to understand; the Residential Purchase Contract for the state of Arizona has over 416 points, 86 of which are focused on the buyer's due diligence! Let's see if we can simplify this a bit.
The average time frame for a home inspection is 10 calendar days. During
this time, you have the opportunity to inspect anything that is a
material fact to you. These items may include, but are not limited to: heating, plumbing, cooling, mechanical, and electrical items. Home inspections can be up to 100 pages long, as the inspector goes through the home and itemizes any defect of importance they found that may affect your decision-making process.
Once
you make it through the home inspection process, you are going to use
the report to make an informed decision on whether you want to move
forward with your purchase contract.
