After the Contract
Getting to Settlement
Many people think that all the work is over once you have a contract for your home.  That is wishful thinking-hopefully true.  Often, however, there are a number of inspections and contingencies with which to deal, and a number of other parties whose prompt participation is necessary in order to meet the deadlines contained in the contract.

Contingencies
There are several kinds of contingencies normally encountered in real estate contracts.  Most commonly found is the structural inspection contingency.  Normally that is done within a few days of contract ratification.  It usually contains a backdoor out of the contract if for any reason the buyer should want out.  Most often, the buyer will present the seller with a list of items to be repaired at the seller's expense in return for dropping the contingency.  A second negotiation often occurs. Contracts normally call for financing application, if a financing contingency exists to be made within 10 days. 
 

   The length of the financing contingency may vary, and is satisfied when the buyer presents an approval letter from a lender.  Sometimes, in Montgomery County, buyers request a Master Plan contingency during which time they can review that document which describes future development of the County.
Federal law provides buyers with the opportunity to have a 10 day lead-based paint inspection contingency.

In seller's markets, one finds sale of home contingencies, which give the buyer a certain amount of time to sell. The other kinds of contingencies wide a wide gamut from time to provide paperwork documentation, additional earnest money deposit funds to third party review or feasibility studies.		   Inspections
Common inspections include structural, radon, lead paint, termite, swimming pool and final walkthrough and normally occur within the first two weeks of the contract, except the termite inspection, which occurs 2-4 weeks before settlement, and the final walkthrough which usually occurs within a day or two of settlement.  Occasionally, escrows are set up for post-settlement inspection of such items as air conditioners or swimming pools, which must be inspected under certain physical conditions. 
Termite inspections are often required by the lender. Many contracts require that if any evidence of termite infestation and/or damage is found that the seller is responsible to repair the damage and have the home treated.

The final walkthrough inspection is for the purpose of the buyer's satisfaction that the home is in the condition required by the contract and that any work required to be completed has been.