A home inspection is an important step in buying a home. As part of your purchase agreement you may add an inspection contingency for a small price (typically $100-$150 for 7-10 days). This contingency will give you the ability to inspect the property and back out of the offer, free of penalty (except the option fee), if you don't like the results.
Although a home inspection can't identify everything that might be wrong with the property; they specifically look for visual cues to problems. For example: if there is a small leak in the wall but there are no visual signs of such leak, this issue might be overlooked. A good inspection will examine some of the most important components of the home and it will last from 2-3 hours. Ask your home inspector for a list of items that he/she will examine.
The inspection report will give you a general idea of what might be wrong with the property. If you are concerned about a specific issue, you should hire a specialist in that area. Home inspectors also do not check for issues like termite damage, site contamination, environmental contamination, mold, engineering problems etc.
You don't have to be present during the inspection but it's recommend. By being there you can ask the inspector specific questions as issues arise.
For more information: 10 reasons you should not skip an inspection, FAQ and top 10 most common inspection problems
COMMON ISSUES THAT MAY ARISE:
Does the buyer have to complete his inspections during the option period?
It's ideal to complete your inspection during your option period so that you can exercise the right to terminate the agreement if you are not satisfied with the results. That said, you can complete the inspection outside the option fee but you might not have the ability to terminate the agreement. The seller should allow you to preform the inspection within a reasonable time.
Can you option period be extended? If so, do I have to pay an additional fee?
The option fee can be extended if both parties agree and normally there is an additional fee involved. The fee is negotiable.
What are my options once I review the inspection report?
1. You may terminate the agreement, or
2. You may negotiate that the seller complete certain repairs, or
3. You may ask for a credit so that you can complete the repairs after closing, or
4. You may accept the home "as is" and proceed with the purchase.
Can the buyer insist that the seller use a specific repairman?
The seller is required to make the repairs prior to closing and used a trained and qualified repairman. The buyer can not insist on a repairman.
Can the seller insist that the property be sold "as is" and not allow an inspection?
While a seller could refuse to permit a buyer to have inspections or a right to terminate under the termination option, it is generally not a good idea to try to prevent a buyer from having a right to freely inspect the home. Such a restriction might increase the seller's risk of a subsequent claim of withholding information about the condition of the property. Furthermore, most home buyers are going to be reluctant to buy a home without a right to inspect the home and without an option to terminate the contract if they are not satisfied about the condition of the property.
Can a seller ask their agent to add language to the listing agreement that would not allow a buyer an inspection period or an inspection in general?
As a real estate agent we are prohibited from practicing law. As a non attorney we can not make changes to the contract. If you would like to make changes to the language, you will need to employ an attorney to draft the provisions in the contract.
Before a seller refuses to permit any inspections, you should seek the assistance of counsel. Permitting the buyer to inspect the property in no way obligates the seller to agree to do any repairs.
Although a home inspection can't identify everything that might be wrong with the property; they specifically look for visual cues to problems. For example: if there is a small leak in the wall but there are no visual signs of such leak, this issue might be overlooked. A good inspection will examine some of the most important components of the home and it will last from 2-3 hours. Ask your home inspector for a list of items that he/she will examine.
The inspection report will give you a general idea of what might be wrong with the property. If you are concerned about a specific issue, you should hire a specialist in that area. Home inspectors also do not check for issues like termite damage, site contamination, environmental contamination, mold, engineering problems etc.
You don't have to be present during the inspection but it's recommend. By being there you can ask the inspector specific questions as issues arise.
For more information: 10 reasons you should not skip an inspection, FAQ and top 10 most common inspection problems
COMMON ISSUES THAT MAY ARISE:
Does the buyer have to complete his inspections during the option period?
It's ideal to complete your inspection during your option period so that you can exercise the right to terminate the agreement if you are not satisfied with the results. That said, you can complete the inspection outside the option fee but you might not have the ability to terminate the agreement. The seller should allow you to preform the inspection within a reasonable time.
Can you option period be extended? If so, do I have to pay an additional fee?
The option fee can be extended if both parties agree and normally there is an additional fee involved. The fee is negotiable.
What are my options once I review the inspection report?
1. You may terminate the agreement, or
2. You may negotiate that the seller complete certain repairs, or
3. You may ask for a credit so that you can complete the repairs after closing, or
4. You may accept the home "as is" and proceed with the purchase.
Can the buyer insist that the seller use a specific repairman?
The seller is required to make the repairs prior to closing and used a trained and qualified repairman. The buyer can not insist on a repairman.
Can the seller insist that the property be sold "as is" and not allow an inspection?
While a seller could refuse to permit a buyer to have inspections or a right to terminate under the termination option, it is generally not a good idea to try to prevent a buyer from having a right to freely inspect the home. Such a restriction might increase the seller's risk of a subsequent claim of withholding information about the condition of the property. Furthermore, most home buyers are going to be reluctant to buy a home without a right to inspect the home and without an option to terminate the contract if they are not satisfied about the condition of the property.
Can a seller ask their agent to add language to the listing agreement that would not allow a buyer an inspection period or an inspection in general?
As a real estate agent we are prohibited from practicing law. As a non attorney we can not make changes to the contract. If you would like to make changes to the language, you will need to employ an attorney to draft the provisions in the contract.
Before a seller refuses to permit any inspections, you should seek the assistance of counsel. Permitting the buyer to inspect the property in no way obligates the seller to agree to do any repairs.
If you have any questions or if you would like assistance in buying, selling or renting give me a call. I'm happy to help.
Ali Palacios, ABR, MCNE, TAHS
Realtor
Today's Home Realty
ali.palacios@todayshomerealty.com
Mobile - 832-418-0670
Fax - 832-201-7492
www.todayshomerealty.com
www.ilovehappyclients.com
9119 Hwy 6 S #230-116, Missouri City, TX 77459
Home buyers and sellers beware: http://homes-sale-richmond-texas.blogspot.com/2016/02/home-buyers-and-seller-beware-wire.html
Rental fraud alert: http://homes-sale-richmond-texas.blogspot.com/2016/02/rental-fraud-alert-texas-luz-astacio.html
Ali Palacios, ABR, MCNE, TAHS
Realtor
Today's Home Realty
ali.palacios@todayshomerealty.com
Mobile - 832-418-0670
Fax - 832-201-7492
www.todayshomerealty.com
www.ilovehappyclients.com
9119 Hwy 6 S #230-116, Missouri City, TX 77459
Home buyers and sellers beware: http://homes-sale-richmond-texas.blogspot.com/2016/02/home-buyers-and-seller-beware-wire.html
Rental fraud alert: http://homes-sale-richmond-texas.blogspot.com/2016/02/rental-fraud-alert-texas-luz-astacio.html
About me: http://www.ilovehappyclients.com
Professional Memberships:
- Houston Association of Realtors®
- Texas Association of Realtors®
- National Association of Realtors®
- Accredited Buyer’s Representative – ABR
- Master Certified Negotiation Expert – MCNE
- Accredited Staging Professional – ASP®
- Texas Affordable Housing Specialist – TAHS
- Women’s Council of Realtors®
- National Association of Gay & Lesbian Real Estate
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