“Business Days”
The exact reasons are a bit of a mystery, but there’s no question that Buyers’ home inspections have become more drawn out in recent years.
So, once upon a time, it was customary to allow Buyers three days to perform the inspection; one more day to provide the Seller with a written list of issues to negotiate; and finally one more day to resolve those issues (“3-1-1”).
Now, I’ve seen that timetable balloon to “5-2-1” in some cases.
Extenuating Circumstances
A longer timetable can make sense in selected circumstances, such as an out-of-town Buyer or a deal that spans a holiday week.
However, I’m with the majority of veteran Realtors who would like to see things go back to a relatively quick, “Yeah or Nay/In or Out” inspection resolution.
In that vein, I know of a certain listing agent who advises their clients to counter any Purchase offer they receive with “business” crossed out in front of “days.”
Is that kosher?
As long as there’s no statutorily mandated timetable*. . . absolutely.
However, like any contractual term, the other party has to agree to it.
P.S.: One theory for the longer inspection timetable: Buyers are doing more testing — like for radon levels, as well as an optical inspection of the main sewer.
*At least in Minnesota, condo or townhome buyers have 10 days to review the homeowners association doc’s (articles of incorporation, bylaws, financials, etc.).
