Oklahoma's Own - News9.com - Oklahoma City, OK - News, Weather, Video and Sports |.
An inspection contingency is an addendum to a contract that gives buyers the right to have a professional house inspector or other third party examine the property within a certain period of time after the agreement to purchase has been signed.
Waiver of Contingencies. This waiver of contingencies clause explains the problems associated with missing deadlines as stated in paragraph 5 Time is of the Essence. The Buyerâs failure to meet deadlines imposed by any inspection/repair contingency clause will act as a waiver of the contingency, which means the Buyer will accept the property. Again, it is important you understand that every calendar day is included in the contingency period. This includes weekends and holidays.