Buyers have 2 important contingencies once an offer is accepted. The first is their attorney approval which happens within the first 5 days of attorney receipt of the contract. The second contingency is their home inspection which is a set number of calendar days as specified in the contract once the buyer's attorney approval has been issued. This usually takes place anywhere between 7-14 days from the contract being signed by both parties. A home inspection is important to give buyers greater knowledge about their new home, allow both the buyers and their agent to understand what issues they need to address now or at a future date, and provides invaluable information that may be able to be further negotiated with the sellers prior to releasing this contingency and applying for a mortgage.

Speak to a licensed real estate agent to learn more about home inspections.