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First Time Buyers >Inspection Contingencies Many of today's purchase offers include a contingency clause that allows the buyers to hire a home inspector or professional expert to inspect the property. If there is a significant defect in the property, the buyer can cancel the contract without losing the earnest money deposit. Contingencies are excellent procedures that protects both the buyer and the seller. The time period for inspection contingencies is negotiable. In most parts of the country, the buyers have about a week in which to cancel the contract if the structural inspection reveals a serious and consequential defect. The positive side to such contingencies is that the inspection usually addresses--and overcomes--the buyers' misgivings, and confirms their decision to move ahead with the purchase. See All Tips In The "First Time Buyers" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What is encroachment, and how might it affect a property owner? A  Encroachment, refers to the unauthorized intrusion of a building or improvement onto another person's property; it often requires a surveyor's report to support the claim. See More Real Estate Trivia >