Big changes are happening in our state regarding the home inspection contingency.
In the past, inspection contingencies allowed a set amount of time for buyers to inspect the home and contact the seller for any repair requests and a set amount of time for sellers to respond. This was complicated and cumbersome because people would get these timelines confused.
Minnesota has simplified this process by setting a timeline for the entire inspection contingency. This includes any inspections, repair requests, and bids for the work that needs to be done on those repairs.
“There is no automatic cancellation specified in the purchase agreement anymore.”
The other big change is that if the buyer lets the inspection contingency ride out all the way through without any agreement on repairs from the seller, they can move forward with the house—there is no automatic cancellation specified in the purchase agreement.
What kind of tests does the inspection contingency cover? Basically, any tests the buyer needs to conduct to satisfy themselves that the home meets their standards.
The new inspection contingency also provides access to the buyer to the attic or crawl space of the house. In the past, this was an issue because buyers wanted to get into this area for their inspection but sellers didn’t want to break the seal on their attic. This new inspection contingency verbiage grants that access to the buyer so they can complete their inspection.
If you have any questions about inspections, what’s going on in our market, or you’re thinking about buying or selling a home, don’t hesitate to reach out to us. We’d be happy to help you.