Last week we confirmed there are significant differences between definitions in the FAR and FAR/BAR contract. One area that potentially impacts the inspection process is the Inspection Period...

True or False? The FAR and FAR/BAR contracts use different methods to count "days" within the Inspection Period.

TRUE - The FAR and FAR/BAR agreements differ in the method used for counting days within the Inspection Period. The FAR agreement, counts all days as Business Days, which excludes recognized holidays and weekends. The FAR/BAR uses calendar days to count days over 6. If the time period is 5 days or less, FAR/BAR defines these as Business Days, counting the same way the FAR contract counts. The default Inspection Period in the FAR agreement is 10 days (which are business days), and the default Inspection Period in the FAR/BAR agreement is 20 days, which are calendar days. I strongly recommend that you do NOT change the default inspection period, unless you are going to extend the period. The reason is not that your inspector cannot perform the inspection within that period, but the issue in our market is that the the property may not be available during a shorten timeframe. Beach to Bayou works closely with the Agents and Rental Agencies to ensure we can access the property as quickly as possible, but often the Renters and Rental Agencies do not cooperate with the sales process.

Laurie Hollowell-Meeker at Keller Williams Realty