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Important aspect of buying a house: make sure the contract always includes a home inspection contingency. Find out home inspectors and get your new house inspection now.
Purchasing a Home? Make Sure There Is Home Inspection Contingency
One of the most important aspects of buying a house is house inspection. Nothing beats than having peace of mind knowing that after a thorough inspection, you have bought a property that is worth every cent that you have paid for.
Agents and sellers have a legal responsibility to disclose to you any known problems and defects before making a sale. Some common problems uncovered during inspections are:
- Poor or deteriorating exterior grading which can lead to leaking or flooding
- Improper wiring
- Roof leaks
- Plumbing problems
- Heating system malfunctions
A home inspection contingency provides you the right and option to hire an inspector to check the home before you finalize the purchase. A contingency will help protect you from acquiring a house that may have major material defects or structural problems.
An inspection contingency provides you alternatives based on the submitted home inspection report:
- Void the sales contract
- Ask the seller to make necessary repairs
- Negotiate a price reduction to offset your added cost for repairs
- Clarify who would pay for repairs or material replacements
A typical inspection contingency covers general home areas, including:
- Interior and exterior foundation
- Windows
- Basement
- Attic
- Insulation
- Air conditioning and heating system
- Interior and exterior plumbing
- Electrical system
You may also ask for another contingency for the inspection of toxic substances, such as lead, radon, asbestos, pests and molds and mildews. This type of contingency may be necessary if you are buying an older home.
A typical contingency gives you 5 to 10 days to conduct your inspection after the offer has been accepted or approved by the seller. Failure to have an inspection done within the agreed period of time forfeits your right to void the purchase contract.
You should provide the seller his own copy of the home inspection report if you plan to issue a request for repair.
