Demand Inspections and Disclosures

Buying real estate is a business deal. Buyers deserve to know what they are getting for their money. The buyer needs insist on an inspection and full disclosure of the property they are purchasing.

Why Do You Need an Inspection?

An inspection gets you an an oral and written report from an expert concerning the true condition of the property you are purchasing.

You may very well fall in love with what you think is your dream home and think it is worth every bit of the asking price. You make an offer and it is accepted by the seller. Your next step is to hire an inspector. The inspector may deliver a report that The roof or electrical are in serious need of repair or replacement. The cost may be substantial. An inspection contingency lets you walk away from of this deal or renegotiate.

Remember! Accompany the inspector during the inspection. They could give comments that are more specific about the condition of the property than in the written report. The inspector must maintain certain legalities when putting his report on paper.

Why Do You Need Disclosures?

In most cases and in most states, the law requires the seller to disclose any known defects about the condition or history of their property to a buyer. For instance, the seller is required to disclose a cracked foundation or other structural defects. Again, the disclosure contingency gives you that protection of backing out of the purchase or renegotiating for the cost and inconvenience of making repairs.

Also, a disclosure agreement protects you in any legal avenue you may pursue in court. If in the disclosure, the seller is on record stating nothing is wrong with the house and you later find that the foundation was cracked and not properly fixed or hidden, A court can see the disclosure statement as evidence that you had no prior knowledge of this defect. The seller is held legally responsible for the repairs.

How Do You Get an Inspection?

The inspection is a written contingency in an offer. Many real estate contracts already have an inspection written into the terms, but if yours doesn't, have it written in. The buyer does pay the inspector's fee. Your real estate agent can recommend local inspectors for the job.
In most states, this is a highly regulated occupation. There are two national trade organizations, the American Society of Home Inspectors(ASHI) and the National Association of Home Inspectors(NAHI).

Be sure this all important step is not overlooked in your real estate transaction. In most cases a mortgage lender will require an inspection along with an appraisal but do not rely on it. Have it in your written offer. Pay particular attention to time limitations for the inspection and disclosure as you do not want to legally waive these rights through time lapse.