Inspection Deadline should be 20 days before Settlement

Why?- If Buyer provides written objections to Seller, Buyer and Seller shall have seven calendar days after Seller's receipt of Buyer's Objections (the "Response Period") in which to agree in writting upon the manner of resolving Buyer's objections.

Except as provided in Section 10.2, Seller may, but shall not be required to, resole Buyer's objections. If Buyer and Seller have not agreed in writting upon the manner of resolving Buyer's objections, Buyer may cancel this Contract by proving written notice to Seller no later than three calendar days after expiration of the Response Period.

A mejore problem arises when the agents alloq a contract to be written where these dates actually extend beyound the settlement deadline. That is why it is better to have Inspection Dealine at least 20 days before Settlement.

Waiver vs. Cancellation

Consider this, if the Buyer does not complete the appraisal by the deadline in section 24, is it s deal breaker?

Not at all, this situation is a "Waiver" of the Buyers ability to use this contigency. In other words, the ability to return the earnest money back in case the appraisal is below the purchase price.

The contract though is still fully in force. Seller cannot sell the property again just because the deadline was missed.

Now, if the Buyer gets notice of the appraisal by the appraisal deadline, and there is a problem, buyer notifies Seller wihin 3 calendar days of receipt of the appraisal, then this would be "Cancellantion".

In summary, the waiver is something that could benefit me, but I am going to let it go, and not use it.

Cancellation is a clause that is a benefit to me....