What is the Inspection Period and What does it mean for me?
Here in Florida, the inspection period by default, on a standard purchase and sale agreement, is a time of 15 calendar days, unless parties agree otherwise, from the executed contract date. In this time period, the buyer can have inspections done on the property.
Understand that during the inspection period, the buyer can get out of the contract for pretty much any reason. On the other hand, the seller is committed to the deal and cannot get out of the contract.
For a buyer, the longer the inspection period, the better. For a seller, the shorter the inspection period the better. We normally recommend a 10-day inspection which is a reasonable time for both parties but every transaction is different!