Risk Reversal in Real Estate Inspections: Putting the Responsibility Back on the Seller
So you found the perfect home and your offer has been accepted. Congratulations…..now it’s crunch time. In the typical Chicago real estate transaction you, as the buyer, have 5 days during which your attorney will review your contract and your inspector will evaluate the condition of the property. In a competitive and active market, you don’t have much time to waste. You’ve gotten referrals from your realtor, closing attorney, lender, Yelp, Angie’s List, neighbors, friends and co-workers, and you’ve found just the inspector for the job….you hope. You set the appointment and the inspector sends you the Inspection Agreement. Reading through the agreement, or contract for services, you may be struck by the apparently one-sided nature of the risk placement…it’s all on you!
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