Some first time home buyers or sellers in New York may not understand the mechanics of the inspection contingency. Simply put, a general inspection contingency gives the buyer a certain period to cancel the Contract of Sale if the buyer’s professional inspector discovers a property defect. The scope of defects and the duration of the contingency period may be negotiable. The seller may also have an opportunity to cure the defect.
Residential buyers often complete the inspection prior to signing the Contract of Sale and accept the property in “as is” condition.
Commercial properties, which are subject to strict liability for environmental contamination under federal law, will most likely have an environmental due diligence period during which time the buyer’s consultants can complete a Phase I Environmental Site Assessment to determine whether there are any “recognized environmental conditions.”
If you have any questions about buying or selling a property in New York, please do not hesitate to contact an experienced attorney at (914) 338-8050. For more information about our firm please visit www.betenskylaw.com.