Inspecting Your New Property - The Nuts and Bolts of Inspections

Overview: The article asserts that if one has made an offer on a property, he should have included a clause in the purchase agreement that allows him to void the offer if the inspection turns up a major problem. This is called an "inspection contingency" clause. One may find it necessary to submit a new offer based on the information received from the inspection. The person one is looking for is a professional who knows old homes and new homes inside and out. One who crawls around the property looking for structural and equipment flaws, and who will give his customer a written report that will take some of the gamble out of buying the property. Check the reputation and experience of the firm one wants to hire. An inspector can save a future home-owner a lot of grief and expense by identifying potential problems. Inspectors usually look for significant defects only. Some of the larger home inspection services may offer "inspection warranties." These are usually good for one year. They can add credibility to the service's report. One should ask to see the warranty before he pays for it. An inspection warranty can be useful if a person is selling a home. Some contracts state that the seller has to make repairs up to a specified dollar amount. If the seller does not comply, the buyer can go ahead anyway, or back out of the deal.

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Format: HTML | Date: Jan 2003 | Pages: 1