INSPECTIONS:

Time Period: The contract will provide for a period during which the buyer may inspect the property. When the time period is up, the buyer is barred from raising any repair issues. If the buyer has not satisfied himself as to the condition of the premises by the expiration of the repair period, modify the contract to extend the inspection period, or consider using your right under the inspection provision to rescind the contract and start over.
Deductions: the default provisions of most "standard" contracts provide for a deduction for repairs identified as needed, of 2 or 3 % of the purchase price. This means the buyer can reduce the purchase price by up to 3% for all of the defects he can identify, but may not rescind the contract unless repairs exceed this allowance. Even new construction will have some of these, and older homes many. Consequently many sellers consider contracting for a "zero" repair deduction. This means that the buyer may rescind the contract after the inspection, but if he does not, there will be reduction in purchase price. With a zero repair allowance though, the seller is still warranting the house to be in habitable condition, where as in an "AS-IS" contract there is no repair deduction, and the seller is NOT warranting the condition of the property. Note that selling "as-is" does not permit the seller to intentionally conceal a defect from the buyer.
Closing Date: the date on which the buyer must perform by purchasing the property. Note that if the contract does not say "time is of the essence" the buyer has not lost his deposit by failure to close by the closing date. The seller must then "demand performance."

Closing Place: Should be at the office of the entity insuring title in case any last minute changes need to be made at the closing table. [..cont..]