Is the property located near waterfront or a canal? Then check on the FEMA Flood Map if to find out if the property is located in a flood zone. If waterfront, check the Lake Flowage Easement elevation, 602 ft and below is a flowage easement and most waterfront properties have one. If you choose a waterfront property, then check with Insurance Providers to see if the home needs flood insurance. This also goes for property nest to a creek, bottom land locations and canals.
If Inspections, Reviews, and Investigations are not satisfactory to the Buyer then you can cancel the contract and get your Earnest Money back. Or you can re-negotiate with Seller on what repairs they need to do or if it's a cash transaction, lower the sales price. If you love the property, then things usually can be worked out with the Sellers.
Note: If a loan is involved and the Appraiser calls on items to be repaired/replaced; those items have to be done BEFORE CLOSING. The appraiser also has to come back to ensure that those items are repaired. This process will cause a delay for closing for about 1 week. Appraisers are very busy and cannot come within a few days after notification that repairs are done.
A transaction is simply a "team effort". we provide much guidance and knowledge for Sellers and Buyers, which benefits both parties in the end.
If you do not understand anything in a Listing or Purchase Agreement: STOP! Ask questions! Do Not Be Shy! It is better to ask one more that one to less!