Buyer to release physical contingencies with in 10 days after acceptance

Asked by 1irsthome?, Watsonville, CA Mon Jun 25, 2012

What does thsi mean?

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SantaCruzLen…, Agent, Aptos, CA
Mon Jun 25, 2012
You have 10 days to complete and review your inspections and communicate, in writing, back to the seller whether or not you are satisfied w/the condition of the property. Most contracts convey the home in an 'as-is' condition subject to your right to inspect the property thoroughly... if your investigations reveal any deficiencies of a material nature you can cancel the contract without any penalty. Your Realtor will guide you through all your options.
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Walter 'Skip'…, Agent, Brea, CA
Mon Jun 25, 2012
In my opinnion it means the home inspection and any other pysical inspections you wish to make need to be done within the first 10 days. I do not believe it includes loan and appraisal contingencies as they will take longer. This is a common request for REO properties.
Good luck,
0 votes
Cindy Davis, Agent, San Diego, CA
Mon Jun 25, 2012
it means you are to remove contingencies such as property inspection, disclosures, appraisal,etc. You need to sign a contingency removal form...hopefully you are working with a Realtor who will guide you.
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M.C. Dwyer, Agent, Boulder Creek, CA
Mon Jun 25, 2012
10 days is a common time limit used by banks when they are selling a foreclosed home. It means the seller is asking you to complete all of your inspections and investigations within that amount of time.

Releasing physical contingencies is a critical stage of deciding whether or not you want to commit to the purchase. Once you release your physical contingencies, you've basically agreed to accept the physical condition of the home as is.

Depending on how your purchase agreement is written, you will probably still retain the safety net of loan and appraisal contingencies, among others.

There is a lot more to all of this, so I hope you find (or are using) a buyers' agent you trust, who can explain the intricacies until you understand it completely before making a decision.
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