tdirodis wrote:
The only thing I've signed to date is a counter-offer where the an
entry exists that say "ernest deposit to become non-refundable after
inspection period and all contingencies are removed, including
financing." I had no problem with this at the time because it's
called
an "inspection PERIOD". This goes back to my original posting - when
is an inspection period not an inspection period? To reiterate my
belief is that this should be a period where discovery is made as to
problems with the home and there are on-going negotiations between
the
seller and myself until we come to an agreement or I decide to walk
away. Since (according to my realtor), the second I deliver the
inspection report with my requests to the seller my deposit is lost
what's the point? I guess the only point is that since I now know
what
the problems are with the home, to use that information to make my
best
guess as to how much it will cost to repair the problems and be
prepared to fix them at my expense or just walk away from the deal.

Tom

The counter-offer *IS* the Offer for Sale and Purchase or whatever you
call it where you are.

The "and" in the phrase "and all contingencies" is what covers you.
Your inspector's list of deficiencies constitutes a contingency that
the seller must address. If they address them reasonably, then you must
acknowledge that, and presto, the contingencies are removed. Then the
other contingencies get resolved (if there are any) and THEN the
earnest money is theirs.

If the inspection period expired and you never presented a list of
problems, then no contingency would arise from it. The wording is a bit
unclear, it strikes me that it was written by a non-lawyer who wanted
to avoid the unambiguous but unreadable legalese that traditional
contracts are written in.

I see no advantage to presenting the list at the very end of the
inspection period, but I'm not a poker player, as your agent may be.
Let's hope his strategy is good even if he's explaining it poorly.

Chip C
Toronto