Are you currently purchasing a home or starting the process and wondering, Can I back out of Home Purchase after Inspection? In this video, I discuss backing out after home inspection and why your home inspection should be completed during your contingency period so you don’t risk losing your earnest money deposit if you decide to cancel escrow.
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What is a home inspection?
The home inspection is a thorough review of the property and all of its major systems including electrical, plumbing, HVAC, pool, spa, roof and much more performed by a home inspector.. The inspection is completed early in the escrow period while the buyer is within their contractually agreed contingency period (typically the first 17 days of escrow in California). The home inspection is not required but is highly recommended to anyone buying a home.
Can I back out of buying a house after inspection?
Yes in most cases as long as you performed your inspection during your contingency period and still have those contingencies in place. It’s extremely important that you do your home inspection during your inspection period in the real estate purchase agreement so that you don’t risk losing your earnest money deposit (emd) if you cancel escrow after doing the home inspection.
In California, the Real Estate Purchase Agreement is written to allow you 17 days to do all of your inspections during the home buying process. As long as you perform your home inspection during this period then you should have no issues backing out of a home purchase after inspection.
In fact, a buyer can back out back out for any reason during that 17 day contingency period and no risk losing their deposit as long as your contingencies are still in place.
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