What Inspections are Typical in a Home Purchase?
Most purchase agreements provide for a minimum of four or five different inspections:
1. Home Inspection, which is typically performed by an independent home inspector. It is customary in our area for a contract to be contingent on a satisfactory home inspection, and the buyer is typically given a window of time to perform such inspection (generally anywhere from 5 to 10 days, depending on the circumstances of the negotiation). The buyer and the seller will then generally negotiate repairs as a result of the inspection. In some cases (such as foreclosures and bank owned inventory), properties are sold “as is” but often the buyer is allowed to perform a home inspection anyway, simply to determine the condition of the property.
2. Termite Inspection (in some cases, coupled with a Moisture Inspection). Most local contracts are contingent upon a termite inspection, which is typically performed by a licensed pest control company who is certified by the Commonwealth of Virginia. The scope of these inspections can vary widely, and you should discuss the parameters with the agent that represents you. Moisture inspections, in particular, can cover vastly different scenarios (some are limited to the subflooring and beneath, while others cover window sills, etc.). Local markets differ in terms of who orders the inspection (buyer or seller), and the limits and caps on repairs. This is an important part of the negotiation, and should be discussed in detail with your Liz Moore agent.
3. Walk Through Inspection. This is the inspection that takes place with the buyer and REALTOR several days prior to closing. The purpose of this inspection is primarily to insure that the property is in substantially the same condition that it was at time of contract, normal wear and tear accepted. It is also customary that the walk through serves the additional purpose of confirming that any contractually required repairs have been completed appropriately.
4. Well and Septic Inspections. If the property is served by an on-site well or septic tank, there are inspections to be completed to insure that water is potable and that septic tanks are functioning properly.
You can also make your contract conditional on additional inspections such as Radon, Lead Based Paint, Asbestos, Chimney, HVAC, etc. Typically, these additional inspections are completed during the same time and contingency window as the home inspection. Additionally, there are certain disclosures that must be made by the seller regarding Lead Based Paint if the property was built prior to 1978. Your agent will discuss all of these options with you when you prepare your offer.
Questions on the home buying process? Email us at concierge@lizmoore.com, we'd love to help! Or, click below to download our free Home Buyer's Handbook.
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