Aloha. George Krischke here with Honolulu HI 5 (company now called Hawaii Living).
One of the most important contingencies in Hawaii’s purchase contract is the home inspection contingency. It gives the buyer the right to inspect the property in detail and we strongly recommend the buyer should use a qualified professional home inspector or any additional specialized qualified professional to inspect any and all aspects of the property.
That includes the electrical systems, plumbing systems, appliances, foundations, walls, doors, windows, ceilings, roof, structural issues, drainage issues and anything else that might be prudent to inspect. Any and all inspections need to be completed within the inspection contingency time period. That’s usually ten to fifteen days as of the acceptance date.
If the buyer is not satisfied with the inspection results, the buyer could cancel the contract but it needs to be in writing and it needs to be within the inspection contingency time period. If the buyer fails to cancel within the inspection contingency time period, basically the buyer will have waived his right to cancel based on that contingency.
It’s best to schedule the home inspection fairly soon, right after the acceptance date. Sometimes, home inspectors are booked up ahead of schedule and sometimes, once you get the inspection results, you may want to obtain repair quotes and so on. It’s better to get that done before you run out of time to cancel the contract. You would want to know what you get yourself into. That’s the lesson for today.
Thanks for watching. ~Aloha.