In Minnesota, the Home Inspection Contingency is a buyer’s contingency and paid for by the buyer. The contract provides a specified number of days to complete inspections and review the results with their inspector and REALTOR®.
After reviewing the inspection report, the buyer may: 1) find the report acceptable and release the inspection contingency, 2) cancel the purchase agreement within the timeframe specified in the contract, or 3) negotiate repairs or a price adjustment with the seller to address concerns identified in the inspection, giving the seller an opportunity to respond.
It is important to understand that the seller is not obligated to make repairs or adjust the price, although they may agree depending on the circumstances. Any changes to the agreement must be mutually accepted by both buyer and seller and documented in writing within the timelines specified in the contract.
Every real estate transaction is unique and can be tailored to meet the needs of both the buyer and seller through mutual agreement.
Professional guidance makes your move smoother and less stressful. Reach out with your real estate questions to:
Roxanne Johnson, Harmony, MN
Roxannejohnson@remax.net
Ph: 507-458-6110
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