Home Inspections
When purchasing a home it is up to the purchaser to thoroughly inspect the property. Most Purchase Agreements allow for inspections by the purchaser, and/or a certified home inspector. The cost is normally borne by the purchaser. A basic professional home inspection usually costs in the $200 - $450 range depending on the property. Soil testing, radon testing, lead paint testing and other specialized tests will cost more.
The Agreement usually specifies that inspections be completed within 10 days of contract acceptance, and items of concern to you should be addressed in writing during this time.
Inspections may include, but are not limited to, home inspection, roof, plumbing and electrical systems, structural, square footage, pool inspection, well and septic system inspections, etc. The Purchase Agreement will also give you the opportunity to have the property inspected for termites. In the event there is a mortgage involved in the sale and the mortgage company REQUIRES a termite inspection, the cost of the termite inspection will normally be reimbursed to you by the seller at closing.
Purchase agreements may specify that all systems and appliances are to be in working order on the date of the act of sale. In that case, it is up to the purchaser to conduct an appliance and systems check approximately five days prior to closing and to ensure everything is as it was when the purchase agreement was signed. The purchaser will be required to sign a statement that everything was checked and was in working order, or the exceptions so noted.
Please note that the agreed price for the property will be based on its existing condition and the seller is not obligated to make any repairs discovered by an inspection, unless so specified in the Purchase Agreement. The inspection should be for the purpose of determining the physical condition of the property so that the buyer can make a knowledgeable decision to purchase, and not for the purpose of establishing a list of cosmetic repairs for the seller to perform. An inspection report should not be considered an opportunity to re-negotiate the contract unless a major defect is discovered. You may then have a valid reason to ask for repairs or for release from the contract.
For your own protection, RE/MAX Escarpment Realty Inc., Brokerage strongly recommends an inspection.