This new rule will take effect in Late November. Buyers will now to have complete a home inspection within 10 days of an accepted offer!!

As part of the recently passed Homes Act, a lesser-known regulation has been introduced. According to MAR Legal, the Housing Bond Bill includes a provision that mandates the Executive Office of Housing and Livable Communities to create regulations prohibiting sellers from accepting offers where the buyer has waived a home inspection. These regulations are expected to be developed by late November, so the rule will not take effect until then. MAR will provide more details as the timeline becomes clearer.

Offer forms will no longer include the Home Inspection Contingency because an inspection period will now be mandatory for all residential offers. This change removes the home inspection contingency as a negotiation tool, giving buyers 10 days from the acceptance of an offer to complete an inspection and five days to review the results. Sellers who do not comply could face a fine of 4% of the transaction amount, up to $10,000.