In the banks counter offer for an all cash deal, there are the following two clauses:
1) Buyer has 3 business days from the date of the fully executed purchase contract to remove inspection contingency. This is an as-is sale and seller will make no repairs, etc.
2) Buyer has 7 days from the date of the fully executed purchase contract to declare the contract null and void as a result of inspection findings. After the 7Th day buyer is obligated to proceed with the purchase or forfeit their earnest money.
I get what #2 means, but I don't understand why #1 is in there, it seems it's saying I have three days to remove #2, but why would anyone do that?
1) Buyer has 3 business days from the date of the fully executed purchase contract to remove inspection contingency. This is an as-is sale and seller will make no repairs, etc.
2) Buyer has 7 days from the date of the fully executed purchase contract to declare the contract null and void as a result of inspection findings. After the 7Th day buyer is obligated to proceed with the purchase or forfeit their earnest money.
I get what #2 means, but I don't understand why #1 is in there, it seems it's saying I have three days to remove #2, but why would anyone do that?