Contracts
In Illinois, what is a 'property inspection contingency' and what rights does it give the buyer?
AA requirement that the seller conduct a pre-listing inspection
BA provision allowing the buyer to have the property professionally inspected and, based on results, negotiate repairs, reduce the price, or void the contract✓ Correct
CA clause requiring the seller to guarantee the property passes all inspections
DA mandate that buyers use IDFPR-licensed home inspectors
Explanation
A property inspection contingency gives buyers the right to have the property professionally inspected within a specified period. Based on inspection results, the buyer can typically: request repairs or credits, negotiate a price reduction, accept the property as-is, or void the contract and receive their earnest money back. This contingency protects buyers from undisclosed defects. Terms vary by contract.
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