The Importance of a Home Inspection
One of the first items on the checklist after entering into a Real Estate Contract is whether or not the Buyer is going to complete a home inspection on the property. Per Paragraph 12 of the Multi-Board Residential Real Estate Contract 7.0, a Buyer may conduct “any and all inspections of the real estate by one or more licensed or certified inspection services: home, radon, environmental, lead-based paint, wood destroying insect infestation, etc.” within the first 5 business days after the Contract’s Date of Acceptance, at the Buyer’s own expense.
Many first-time homebuyers may question why they would spend money to conduct a home inspection. One of the main reasons to conduct a home inspection is to protect the Buyer. A home inspection gives the Buyer a better look at any major issues or defects regarding the physical condition of the home and helps identify any areas that may need to be repaired or replaced. Further, a home inspection can be helpful to determine the maintenance and longevity of major systems within the home, such as a furnace or HVAC system. The objective of a home inspection is to provide the Buyer with an in depth, unbiased opinion regarding the real estate they are looking to purchase.
Also, the Buyer has the opportunity to make requests to the Seller for repairs based off the home inspection within a certain timeframe. Per Paragraph 12 of the Multi-Board Residential Real Estate Contract 7.0, these repairs are limited to “only the major components of the Real Estate, limited to central heating and cooling system(s), plumbing and well system, electrical system, roof, walls, windows, doors, ceilings, floors, appliances and foundation.” Any requests for minor, routine maintenance or cosmetic in nature do not constitute as defects.
Ultimately, purchasing a house is one of the biggest investments in a person’s life. Conducting a home inspection can help protect the Buyer and give an idea of what to expect from the real estate they are about to purchase or call home.
AS-IS Properties: Are you purchasing a property “AS-IS” and want to know if you can still conduct a home inspection? The answer is yes. As long as the request for the inspection is within the Contract’s timeframe and Paragraph 11 – Waiver of Professional Inspections of the Multi-Board Residential Real Estate Contract 7.0 is not initialed by the parties to the Contract, the Buyer can conduct a home inspection under the “AS-IS” Condition of the Contract to put the Buyer in a better position to determine if the real estate will be worth the overall investment.