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TIPS ON HOME INSPECTIONS
Inspections are part of the process of
purchasing and selling home. They are a wise investment on
the part of a potential buyer, when you consider that a home is often the
largest investment that a person will make. Sellers may also have
inspections that they will commonly complete for potential buyers.
Generally speaking the purchase and sales
agreement for the property will include a "right of
inspection" contingency. This contingency gives the buyer the right to have
qualified inspectors complete inspections of their choosing and at their
expense. If the buyer is not satisfied with the results, most clauses will
state that they have the right to terminate the sale and receive a refund of
their deposit. It is important that buyers and sellers understand their
obligations and rights under this contingency.
A
real estate
agent can clearly explain
these to you.
The most common inspections include a
structural and mechanical inspection and inspection for
wood destroying pests. Other inspections that a buyer may want to consider
performing are radon inspections, lead paint inspections, well water quality
inspections, to name a few. Depending on the property, there may be some
specific inspections to perform. Some inspections are commonly provided by
the seller of a home, and other more specific inspections. Inspections on
septic systems and certification of working smoke detectors and carbon
monoxide detectors are commonly provided by the seller. It is important
that both parties understand which inspections are their responsibility,
again a real estate agent can help you understand which inspections would be
your responsibility to provide.
One of the best ways to find qualified
inspectors is to ask family and friends who have recently purchased a home
for a recommendation of inspectors,
that they have had good experience with. Many states require
inspectors to be licensed and you can find a list of licensed inspectors on
the state’s web page, or your agent may have a list of licensed inspectors.
Every property has something an inspector
will find and bring to your attention. Most buyers do not terminate the sale
after inspections. It is quite common that they will request that a seller
make repairs, a price adjustment or credit money towards repairs at the time
of closing, in order to
complete the sale. In most instances the purchase and sales agreement will
not require a seller to complete repairs however the seller may opt to in
order to keep the sale together. Whatever the parties agree to, the
agreement should be in writing.
Following this advice should get you great
results! Good luck.
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