REX - Real Estate Exchange, Inc.
House Inspection
— An Essential Part of —
The Real Estate Transaction
by Barbara Middleton, Broker-associate
You find a house that you consider perfect for you. Maybe, even the home of your dreams. The price is right, and now it is time to make an offer. Be sure to include in that offer a contingency clause which states that you have at least 10 days from the time the offer is accepted to have the house inspected by a professional house inspector. You need to further state that if the inspection reveals any serious problems, these problems will be resolved before the closing, to your satisfaction.
Many times a thorough inspection doesn't reveal any major problems, but in the case that there are problems your interests are protected.
In the case of environmental problems, such as a tank buried on the property, or hazardous materials found, you may want to walk away from the deal. Certain environmental problems are too involved to cure easily and take time. As a new home owner you don't want to inherit these kind of problems.
Problems, small or large are not always obvious. Every home, whether it is single family, multi-family, town house or condominium should have a thorough inspection.
You can find a top flight inspection company by asking your real estate broker, lawyer or friends in the area or call ASHI, American Society of Home Inspectors. ASHI is an international, non-profit professional organization with members in the United States and Canada. To become a member, an individual must fill various requirements that include experience (500 inspections), testing, report form approval, and adherence to a standards of practice. Their number is 1-800-743-2744.
The average inspection takes about 2.5 hours and should include:
- the chimney,
- roof,
- exterior walls,
- windows and doors,
- foundation,
- mechanical systems
- heating and cooling system,
- electric system,
- water heater,
- plumbing, and general construction.
Overall inspections do not cover soil, pools, wells, septic systems, building code violations or environmental hazards, such as lead and radon, tanks buried on the property or hazardous materials such as asbestos,
formaldehyde, petroleum, toxic chemicals or substances. It is a good idea to look into these additional areas. The peace of mind of knowing the property is clean and healthy is worth the cost. If the inspections turn up serious problems, you can exit gracefully.
If you choose to go forward with the purchase, have the seller correct the problems before you close. Once the property closes, it is your problem. Whether you go forward with the purchase or not is your personal choice based on your individual standards and preferences. The important thing is not to execute a contract without a contingency based on a thorough inspection with any major problems fixed and paid for before the closing.
Check out several inspection companies that come highly recommended and fine out what
is included in their basic inspection, what it covers, and what the cost of the special inspections are.
The buyer pays for the inspection, and selects the inspection company. As a buyer, it puts you in more control and I believe you should look to control as much of the transaction as you can. After all, no one will look out for your interests as well as you or your Real Estate Agent Buyer representative.
Be sure you are there when the inspection takes place. You need to make sure all your questions are answered and that you understand any problems that may arise from the inspection. You will receive a written report and will understand it if you are present for the inspection.
Particular items where an inspection is mandatory are:
- lead disclosure is required on all homes built before 1978 and the presence of lead in paint, plumbing etc.
- Radon testing to disclose any elevated levels.
- Most lenders require a termite inspection.
