Your New Apartment…Is It Worth An Inspection? Be careful with wording of home inspection clause. You may also be able to use the report’s findings to negotiate down the purchase price. While you can customize your clauses for special requests, the below are typically the most common subject clauses in a contract: Subject to financing: Obtaining satisfactory financing at a satisfactory rate. Building Inspection clause. Total Visits. Requesting for a “Subject to building inspection” condition in your contract will not only help you get a fairer price for the property; you will also get a better idea of your potential new home’s current issues and future risks that could affect the property’s structural integrity and value and which might burden you with huge expenditures. Usually four to six weeks is considered fair. Home Inspection Contingencies Explained. If you do decide to make an offer subject to a satisfactory building inspection, don’t let the agent or vendor’s solicitor use their preferred wording (if you can help it). Yes, you can negotiate a finance clause with the vendor. Buying and Selling a Home For Canadians For Dummies Cheat Sheet. As with the financing clause, though, you can try to negotiate a shorter time period for the inspection’s completion to speed things up. The Pitfalls of Buying a House and How to Avoid Them, Cover Ups and Deceit – Melbourne Home Buyers Beware, Why Saving for Your First Property is So Difficult, Buyer Beware Flippers Looking for Properties to Turn a Quick Buck. I did a subject to finance only on a place in Perth. Subject to finance clause. SENWI House Inspections North Vancouver, BC, Canada Musings of chief inspector and president of SENWI House Inspections View my complete profile. Investing in a building and pest inspection report could save you a fortune, if it means you end up buying an issue-plagued property. A buyer may insert a special condition that requires the Offer and Acceptance form be either accepted or rejected by the seller by a certain date. You might need the help of a legal professional or another real estate expert to adequately word the “Subject to building inspection” clause in your contract and ensure that it is favorable to you. Most sellers will include a “time” clause, so that if another suitable offer comes along during that time, the seller can activate that clause — meaning that the buyers with the accepted offer have a set amount of time (often 24 to72 hours) to remove the subject to sale clause or drop out of the contract and let the competing offer proceed. The offer is subject to the “Sample Clause 1” inspection contingency. Both parties might sign a contract with a 30-day close, but if it takes the seller 10 days to find a new home, the seller might want the right to extend the closing date by another two weeks. “Subject to building inspection” applies to the sale of a property being contingent on a satisfactory building inspection, as requested/required by the buyer. Your chosen building inspector might be a registered professional inspector or it could be a friend with building knowledge. At Inspect East Building Inspections, we understand your urgency and we are the experts in locating and identifying all those defective nooks and crannies that the vendor is trying to hide so that they can sell the property quickly. “Subject to building inspection” applies to the sale of a property being contingent on a satisfactory building inspection, as requested/required by the buyer. And that is the “subject to inspection” clause. If a Contract is subject to a building and pest inspection, a purchaser must take all reasonable steps to obtain at least one report and engage licenced inspectors. Consult a real estate professional in your area if you have specific questions about this subject.