The contract
should also include a standard clause that enables the buyer to
have an inspection made of the property. It should allow the buyer
to terminate the deal and receive a full refund of the deposit
if s/he
(1) is unable, despite good faith efforts, to obtain financing
within an agreed upon time at prevailing interest rates
(2) discovers any serious mechanical problems or environmental
hazards with the house
(3) discovers any other serious problems that could not have
been discovered before signing the contract.
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