WHEN YOU MAKE A PURCHASE OFFER
Your Purchase Contract will contain provisions allowing you to perform various inspections of the property. The purpose of these inspections is to educate you as to the physical condition of the property you are purchasing. While these inspections do not provide guarantees of the condition of the property, they do provide valuable information to you. It is important to remember that your Purchase Contract may provide for withdrawal from the contract if the results of these reports are unsatisfactory to you. However, inspections should not be considered an open-door to renegotiate the purchase price.
STRUCTURAL PEST CONTROL INSPECTION
Often referred to as a “Termite Report,” the Structural Pest Control Inspection is conducted by a licensed inspector. In addition to actual termite damage, the Pest Report will indicate any type of wood destroying organisms that may be present, including Fungi (sometimes called “dry rot”), which generally results from excessive moisture.
SECTION I CONDITIONS
Most Pest Reports classify conditions as Section 1 or Section 2 items. Section 1 conditions are those which are “active,” or currently causing damage to the property. Generally, Section 1 items need to be corrected before a lender will make a loan on a home.
SECTION II CONDITIONS
These are conditions which are not currently causing damage, but are likely to, if left unattended. A typical Section 2 item is a plumbing leak where the moisture has not yet caused fungus decay.
Your Purchase Contract will specify who is responsible for the cost of the inspection and making these corrections. This is a negotiable item and should be considered carefully.
The Physical Inspection clause in your Purchase Contract, allows you the right to have the property thoroughly inspected. This is usually done through a licensed home inspector, licensed structural engineer, licensed WDO inspectors. The inspection and the resulting report provide you with an overall assessment of the present condition of the property so that you can make well-informed decisions.
WHAT IS INSPECTED?
The Home Inspection covers items such as exterior siding, paint, flooring, appliances, water heater, furnace, electrical service, plumbing, and other visible features of the property. This is a general inspection and may also include additional inspections by specific trades, such as; roof, HVAC, plumbing, pool, or electrical inspections.
If conditions warrant, the Home Inspector may recommend a Structural Engineer’s Report. Such a report would identify structural failures and detail recommended corrections. If you are purchasing a home with a pool or dock, you may want to have separate inspections performed on these items
WHO PAYS FOR INSPECTIONS?
Typically, since the benefit is for the buyer, it is paid for by the Buyer.