What is the effect of an inspection on a real estate transaction?

An inspection in a real estate transaction typically involves a thorough evaluation of the property's condition by a qualified professional. This process often leads to the identification of any issues that may not have been previously known to the buyer or the seller.

When an inspection occurs, it can lead to negotiations between the buyer and seller regarding repairs or price adjustments based on the findings. As a result, the closing of the transaction may be delayed while both parties come to terms on how to address any problems that were uncovered during the inspection. This negotiation process can take time, potentially pushing back the original closing date.

Understanding the impact of an inspection is crucial for buyers and sellers alike. It illuminates the importance of being prepared for additional discussions and possible changes in the timeline of the transaction based on the inspection's results.