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Welcome! Here You Can Find Great Information on Annapolis, Crofton and Severna Park, Maryland Real Estate

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First Time Buyers >Inspection Contingencies

Many of today's purchase offers include a contingency clause that allows the buyers to hire a home inspector or professional expert to inspect the property. If there is a significant defect in the property, the buyer can cancel the contract without losing the earnest money deposit. Contingencies are excellent procedures that protects both the buyer and the seller.

The time period for inspection contingencies is negotiable. In most parts of the country, the buyers have about a week in which to cancel the contract if the structural inspection reveals a serious and consequential defect. The positive side to such contingencies is that the inspection usually addresses--and overcomes--the buyers' misgivings, and confirms their decision to move ahead with the purchase.

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Q	What is considered one of the few remaining tax shelters in the 1990s?
A	Homeownership--property taxes on a residence or vacation home are deductible up to $1 million.
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Joe Fagiolo
Keller Williams Select Realtors
#7 Old Solomans Island Road
Annapolis, MD 21401
Direct: 443-951-1449
Main Office: 410-320-6428
Fax: 443-647-0689
Email: jfagiolo@kw.com

REALTOR

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