Home Inspection Period in Florida
In the state of Florida, the home inspection period unless specified in the home purchase contract is 15 days. However, most realtors will specify a period of 10 days as a standard. It is during this time that a potential home buyer can schedule a homeowner inspection to review the condition of the home [1].
Homebuyers can also make use of this time to bring in qualified contractors as well to review items that may wish to be addressed such as the roof or HVAC system. Getting a quote for a renovation, pool addition or lanai is all fine to get pricing on everything you wish to make the Florida house exactly the way you want it. It’s important to ensure that all inspections and estimates are completed during the due diligence period, providing a more comprehensive understanding of potential costs and upgrades. For those purchasing the home through a reverse mortgage or similar process, be mindful of specific requirements, such as those outlined in HUD guidelines 24 CFR 206.125, which may impact the scope of renovations. These guidelines are essential when dealing with properties that fall under certain federal regulations, guiding buyers on what can and cannot be modified.
What Happens After the Home Inspection Period?
When purchasing a home in Florida, during the inspection period, the buyer can legally exit the contract for any reason. This means the Florida home buyer does not need to find anything wrong with the home, they can simply change their mind.
After the home inspection period has elapsed, the contract is binding. Any earnest deposit funds would not be returned if the home purchase agreement was canceled after this point.
Frequently Asked Questions
Q: When does the Florida Home Inspection Period officially start?
The home inspection period in Florida officially starts on the date the purchase agreement was signed and submitted.
Q: Do Weekends and/or Holidays count toward the Florida Home Inspection Period?
Yes, each day that passes regardless if it’s recognized as an official business or federal holiday still counts towards the total time specified in the home purchase agreement toward the home inspection period.
Q: Can the Home Inspection Period be extended in Florida?
The home inspection period can be extended if the seller agrees to it. This is very common if something is found during the initial inspection and warrants further investigation.
References
- https://www.floridarealtors.org/law-ethics/library/florida-real-estate-contract-laws
