My agent advised we do not need to include a separate HOA doc review or title review contingency on our offer as that is already essentially included under the inspection contingency. Is that reasonable advice?
My understanding is that, in CA, the inspection contingency lets you back out for any reason e.g. you just decide you don't like the house anymore?
is this fair advice from my agent?
California – HOA and Title contingency not needed if inspection contingency present?
byu/UsefulPoem5030 inRealEstate
Posted by UsefulPoem5030
4 Comments
These contingencies are already addressed in the RPA. Why waive them immediately? Doesn’t really make your offer stronger…
This is mostly correct. The only reason you’d need a separate a title or HOA contingency is if you needed more time for due diligence on these than you would need for your inspection contingency. I tell my clients that we can cancel a P&S Agreement for hangnails on the sidewalk if we want as part of our inspection contingency. We don’t have to provide a reason for cancellation during our inspection contingency and lots of buyers cancel without performing inspections. Further, when I draw up offers with various contingencies, I try to run them all concurrently unless I know that we’ll need additional time for a specific item (like a potentially challenging condo HOA review). My state might differ slightly from yours (WA).
I wouldn’t guess you’d have a title commitment from your title insurance to review until after your inspection Contingency expires.
sort of…. do they all end the same day? hoa might be weeks to get info