The home inspection process is a critical phase of the real estate purchase process. Gateville Law Firm is highly experienced in home inspections for real estate buyers. Our team of attorneys and support staff have worked with title companies and other law firms handling real estate closings.
What is a home inspection?
A home inspection is when a qualified and licensed professional evaluates a seller’s home or condo to determine what are the major issues. Generally, the inspection occurs after the real estate purchase agreement has been accepted. The buyers pay for the home inspection, which is part of the due diligence part of the real estate closing process. The inspection is the first step of the house closing experience. The purpose of the home inspection is to examine the condition of the house or condo that the buyers are purchasing.
According to the Multi-Board Residential Real Estate Contract 7.0, Professional Inspections and Inspection Notices details the obligations and role of the home inspection. In summary, the Multi-Board Residential Real Estate 7.0 explains the rights and duties of buyers and sellers involved in the inspection process. The inspection process is an important process in a real estate transaction.
Home inspections identify major items involving safety concerns and inform the buyer on the condition of the house or property. The condition of the house, whether it is a used house or a new construction house, should be a consideration in setting the purchase price. Generally, an inspection highlights the major areas of concern including the following:
- Central Heating System(s)
The purpose of a home inspection is not to re-negotiate the purchase price of the house. A used house will have defects because it is a used. The inspection inform buyers and sellers on the condition of the house. Thus, it is designed with the purpose of identifying the major items, which are not obvious to the human eye. Often, the buyer’s attorney will ask the sellers to fix certain items.
Effective and experienced real estate experience is critical during the home buying or condo buying process. The negotiating period of the home inspection is an important period. A real estate transaction can be re-affirmed or destroyed during the inspection process. On the other hand, buyers and sellers have important legal rights to protect. Investing in real estate, or purchasing a home is a major financial investment which requires an experienced legal team of real estate closing professionals.