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| 5. Home inspection (buyer pays at time of inspection) |
- A typical Purchase and Sale Agreement will list a deadline date for a
home inspection to be completed by a licensed professional. You will
hire and pay the inspector. You should try to attend the home
inspection. A home inspector
will point out items as he or she goes through the house, little things
of interest that may not necessarily have to go into a report. I attend
the home inspection to unlock the door for the inspector. I am not a
party to the home inspection. Any questions regarding the inspection
should be addressed to the inspector. Please remember that home
inspectors cannot see inside walls or inside plumbing. They only comment
upon what they examine with their eyes. Home ownership is filled with
little surprises and sometimes big surprises. It's part and parcel of
home ownership. Be aware of this.
- A few days following the inspection, the home inspector will
issue a report outlining his or her opinion of the condition of the
property. The report usually is divided into two parts: issues noted
that affect Health and Safety and other issues noted.
- Your lender will probably be concerned about the home inspection,
especially if your down payment is very low. So, although the home
inspection report is your property, you will most likely have to share the
report with your lender in order to prove that you are
being responsible about safeguarding the purchase. The problem with home
inspection reports is that once something is written in the report,
especially under Health and Safety, it cannot be unwritten. It must be
dealt with, even if you consider it to be insignificant.
- When you get the
report, you'll want to talk with me about repairs. We will compile a
list of "fix its" based on the home inspection report and submit this
list to the seller. Normally all Health and
Safety items make the list, and maybe a few in the other
category.
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- We will probably want to have a mechanical inspection done, too.
This inspection is performed by a licensed and bonded technician who
inspects the heating system and the water heater. He or she gives you a
report, too.
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- What is a Home Warranty? A home warranty provides coverage for
homeowners when their home's mechanical systems or appliances break down
due to normal wear and tear. The plan covers the cost of repairing the
system or appliance, less the applicable deductible.
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