So, you have found your dream home. As most potential residential buyers know, this was no easy task. There were many showings, phone calls with real estate agents, and perhaps, even an offer or two that went unaccepted. However, before you close on this dream home, it is essential to ensure that the home is truly perfect by having an unbiased home inspection performed.
Information Revealed by an Inspection
There is plenty to learn about a house during an open house or visit with a realtor such as how many bedrooms and bathrooms, the type of tile installed, the year the house was built, where the property lines are drawn, and the list goes on. However, much of the information that truly matters is not visible to the untrained eye. This is why an inspection is so incredibly important to a buyer.
An inspection reveals a lot about the value of the property and longevity of key parts of the home. For instance, an inspector will look at the home’s wiring, foundation, plumbing, and easement. All of these aspects should be in good working order, but until a trained professional takes a look it is impossible to know. As well, you can become aware of unsettling issues with a home, regardless of the age and apparent condition of the building.
Include It in Your Contract
In order to ensure that you are given ample time and leeway to arrange an inspection, you must have it included in your contract to purchase. This agreement, made between buyer and seller, details the timeframe and information regarding closing and transfer of the property. Binding agreement to the date of closing, purchase price, and any conditions to closing will be included in this very important agreement.
One clause of the contract should guarantee the buyer the right to inspect the property. This means the seller must make the property available to the buyer and the buyer’s inspector at a convenient and reasonable time and otherwise cooperate with the inspection. The buyer will want the right to choose the inspector.
Finally, it is incredibly important that this clause give the buyer the right to refuse to purchase the property if the inspection reveals damaging or negative information about the property. This means that if structure issues are discovered or other serious flaws, the buyer can walk away. Without the clause, the buyer may be required to purchase the property for the full purchase amount, regardless of what the inspection reveals.
After an inspection, a buyer is certain to be in a much better position to purchase the property. If the inspection finds no issues with the home, the buyer can proceed to closing without any uncertainty. However, if issues are discovered, this allows a buyer to negotiate the purchase price for the property or require the seller to make repairs. If the seller is unwilling or unable to negotiate on these issues or make repairs, then the buyer can walk away from the acquisition and look for a property that receives a clean bill of health from an inspector.