Thanks to Greater and Lesser Yoda for all the input. You have eased some of my fears about this purchase addendum and you will probably make my last two days of vacation a bit less alcohol laden because my decreased stress level. Yes, I am thinking about this purchase during my vacation. It happens to fall on my Big Bear get-away, hence my late response to all the useful information.
Urban,
You were spot-on with the 3 different inspection periods listed in the same paragraph. I was under the impression that 17 days was required by law. The addendum says the buyer must inspect the property within 17 calendar days from the “Financial Terms Acknowledgement Date” but buyer must notify the seller of “objections to the condition” (dead bodies covered in mold) within 10 calendar days. However, if the seller makes repairs, 15 days after the repair is the duration of the inspection time. Can’t the hermetically sealed gnomes take an average and say 14 days is the universal inspection time? We will definitely clarify the time for inspection.
I’m still not clear about the “Lending contingency period.” I have no contingencies such as buying this home is contingent upon selling another. But I am not sure if that example is one you are speaking of. Do all property purchases have contingency periods?
SD,
With all the good advice you have graciously bestowed, I have trouble calling you ‘Lesser Yoda.’ I think Urban is a gifted yet overzealous young jedi.
I’m glad the examples listed from the addendum did not seem so completely out of the ordinary to you. My big question was whether this contract was as bogus as my loan agent said. You have shown me that I am possibly injecting a bit too much fear into this process. Oh, let me inject some more fear: my biggest fear is that this middleman company will string out the process and milk me for the $510.00/day penalty because they are dirty, low-down, faceless, nameless, slime-oosing, tentacle-dragging, bottom feeders. Or, maybe they are fair agents trying to unload homes in a timely fashion. There is NO way for me to know. Even though my loan agent spoke to a representative from the company and he felt more at ease after that conversation, it is still my name on that contract.
