Contracts
Under a FAR-BAR 'AS IS' contract, the inspection period is primarily for the buyer to:
ANegotiate lower closing costs
BConduct inspections and decide whether to proceed, cancel, or negotiate repairs✓ Correct
CObtain title insurance
DReview the HOA documents
Explanation
The inspection period in a FAR-BAR AS IS contract allows the buyer to conduct any desired inspections. If the buyer is not satisfied with the results, they may cancel the contract and receive a deposit refund within the inspection period.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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