To Become Wealthy: Contract Details Part IV

Feasibility Period: This is a very important section. This is where it simply states that we can terminate the contact for any reason within 28 days of signing. Our realtor is currently extending this date by an extra 14 days due to the holidays holding things up. This will probably also extend our closing date, but I am not entirely sure about that. If we do decide to back out of the contract within this time frame, we will have to pay the seller $360 and we will get back our earnest money deposit.I was very pleased when I learned about this part of the contact. No such thing was included in the contract when we purchased our current home. I believe that it is reserved for commercial properties only and I do not know if that is true in all states.

Inspections, Studies or Assessments: This part simply states that we need to have an inspection done within this feasibility period, and that we are required to pay for it. The seller just needs to make sure that we have access to the property and that all of the utilities are turned on. There is also a nice point about the buyer being responsible for any damages cause by the inspection process.