An inspection quota (also known as a “due diligence emergency”) gives the buyer the right to have the house inspected within a specified time frame. B, for example, five to seven days. It protects the buyer who can terminate the contract or negotiate repairs based on the findings of a professional inspector. An inspector examines the interior and exterior of the dwelling, including the condition of electrical, finishing, plumbing, structural and ventilation elements. The inspector reports to the buyer on the problems identified during the inspection. Depending on the specific conditions of the inspection quota, the buyer can: If this goes beyond the legal examination period or if the buyer does not want to cancel the purchase, the seller gets a little stuck. If the seller attempts to cancel the agreement, a court may order some service for breach. The specific performance means that the terms of the contract must be executed as if there were no violation – in other words, the real estate transaction must be carried out. A buyer can also sue for damages caused by the infringement, which can be significant – including legal fees, inspection fees, temporary housing costs, storage costs, and much more.
It is much more difficult for a seller to terminate a contract than a buyer. In general, the best way forward is to force the buyer to terminate the contract. For example, if a contingency is not completed (perhaps the inspection has shown some repair work that needs to be done), the seller might refuse to do the job or reduce the price of the house. Some contracts also allow a short period of time for a lawyer to verify the contract, usually three to five days from the signing of the contract. A seller can usually terminate the contract on the basis of a lawyer`s examination. Since the buyer has a legal right to the property, he can file a pendens permit or a pawn on the house. This means that the buyer has put his rights to the house and that it is almost impossible to sell the house to other potential buyers. In order to avoid confusion as to the property sold and to whom, a contract to purchase real estate contains information such as the names, addresses, telephone numbers and co-signers of the buyer and seller.