![]() Because the residential approach to inspections is formal, expensive and strict, it is the source of a good deal of strife. ![]() Commercial transactions, on the other hand, tend to use general “due diligence” provisions that basically allow the buyer a specified period of time in which to satisfy themselves as to the desirability of the property. ![]() Residential real estate forms tend to use inspection contingencies that demand “professional inspections,” establishes strict disapproval criteria and requires formal affirmative disapproval by the buyer. Typically, the transaction is made contingent on the buyer in some way “approving” of the condition of the property as revealed in an inspection report or after a “due diligence” period during which the buyer is allowed to satisfy himself as to the condition of the property. For that reason, all real estate sale forms contain inspection clauses. ![]() A buyer who does not have a house inspected is taking a serious risk. ![]()
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