What is a home inspection condition in an Alberta offer?
This answer covers the law of Alberta.
A home inspection condition makes your offer depend on an inspection of the home, so you have a chance to step back or renegotiate if it turns up problems. The Alberta government says it is not unusual for a residential purchase contract to include one. A standard contract is used for residential purchases, and it sets out the buyer, seller, property details and financing terms, including the deposit amount.
After an inspection, Alberta government guidance says a buyer may withdraw the offer, adjust the price to cover repairs needed, or move forward. Buyers may also have a lawyer review the agreement before signing.
How long the condition lasts, and how you waive it, extend it or ask for repairs, depend on the wording of your signed contract, so read it closely. Any change is best put in writing and reviewed by a lawyer before you sign it, because an unclear deadline can be costly. If the home is a condominium, allow time in your condition period because the condo corporation has 10 days to provide an estoppel certificate on written request.
Key takeaways
- A home inspection condition is not unusual in an Alberta residential purchase contract.
- After an inspection, a buyer may withdraw the offer, adjust the price to cover repairs needed, or move forward.
- How you waive, extend or negotiate around the condition depends on the wording of your signed contract, so have a lawyer review it before signing.
- If you are buying a condominium, the corporation has 10 days to provide an estoppel certificate on written request, so plan your condition period around that.