Service for Life: May/June 2014 Issue

Below, you will find some very brief remarks about the importance of a home inspection(s). Essentially, along with the loan and appraisal contingencies, the “Buyer’s Investigation” or inspection(s) is one of the biggest contingencies in a real estate transaction.  Once a purchase contract has been agreed to by both parties, a Buyer has 17 days (can be a shorter period – I usually advise Buyers to write 10 days) to schedule and pay for a home inspection of the property.

In additional to a “general” inspection in which a home inspection will evaluate all major systems of the property, i.e. foundation, plumbing, electrical, roof, air & heating systems, etc., a Buyer can also pay for specialists to evaluate specific systems of the property as well. For example, these days more and more Buyers, in additional to the general property inspection, are paying for a sewer line camera inspection to see if the line is intact and/or has any obstructions, most commonly tree roots. Buyers frequently pay for a separate chimney inspection as well. Depending on the property, secondary sewer line and chimney inspections often make sense, as both systems are very costly to repair if undisclosed, assuming a Seller was unaware of a problem, or discovered after the close. Better to fully evaluate and negotiate a fair resolution during the inspection contingency.

To learn about the many other types of inspections, please feel free to call or contact me to discuss.