The Home Inspection

10 Easy Steps to Home Ownership

Step #6
One of the contingencies of the Purchase and Sale Agreement is the home inspection. In the Purchase and Sales Agreement, you and your Realtor specified a time specific when the home inspection would be completed. Your Realtor should be able to supply you with names of home inspectors capable of performing a home inspection which not only will identify any potential problems in the home, but also provide helpful knowledge about the home including the location of the sewer clean-out and the main water turn-off.home inspector

The home inspector will meet you at the property on the day of the inspection. The inspection will take approximately 2 hours depending on the size of the home. The inspector will inspect the plumbing, electrical, heating & cooling systems, roof, attic area, crawl-space area in addition to other items related to the condition of the home. A report of the inspection will be available either at the conclusion of the inspection or, in most cases, the following day.

After the inspection report is available, your Realtor will sit down with you and go over the report in detail. At this point, you will be asked to decide whether to accept the home as is or whether you will ask the Seller to make repairs. Either way, you will sign a home inspection contingency release form, releasing the contingency from the contract. If you ask the Seller to pay for repairs, the repairs are enumerated in the contingency release form.

The release form is then presented to the Listing Agent and to the Seller who have a contract-specified number of days to respond. The Seller can decide to either accept the release and pay for the repairs OR they may choose to refuse to pay for any or all of the repairs. If they refuse, the Buyer has the option of choosing to pay for the repairs OR voiding the contract and continuing to search for a different home.

For more information about home inspections, please the visit the American Society of Home Inspectors website.

Step #7: Reviewing the Title Commitment…