Home Inspections-Why are They So Important?
When we think of all the steps involved in homebuying, inspections tend to get very little notice or attention. Many people see them as formalities; from the outside the home looks great—and may even be new or newer construction—so what could possibly go wrong with an inspection?
But an inspection is one of the more important parts in the homebuying process, and it’s not a step that you should ignore or take lightly. Inspections can reveal problems that you would never know about or be able to identify with the naked eye–and can even spot problems that may arise years down the road.
No Going Back After Closing
Remember that once the property closes and title passes to you as the buyer, there is really no going back—you can’t give the property back to the seller nor can you stick the seller with any costs or expenses related to problems with the home.
The inspection is part of this—the law assumes that you did an inspection and either worked something out with the seller if there was a problem, or otherwise, voluntarily chose to purchase the property with its faults.
The inspection thus serves both buyer and seller—the buyer knows what problems he or she may be inheriting with the property, and the seller gets peace of mind to know that once the property closes, the seller is not liable for defects because of the inspection.
Options When Problems are Found
Most buyers, when the inspection reveals problems, need to have a good gras of whether the property’s problems are short term or long term, and the expense to fix or repair the property. Minor problems that don’t materially affect the value of the property, are often just accepted by eager buyers.
But when problems will entail more significant fixes—or when there is no immediate problem now, but there is something that the inspector feels could cause costly problems down the road—the buyers may have to make a decision.
Most standard real estate contracts give buyers options, when the inspection reveals significant problems. The buyer can get out of the contract with deposits returned to him or her, or else, can opt to purchase the property with the faults revealed by the inspection—although in many cases the buyer negotiates with the seller for some financial concessions, if the buyer is taking property that has significant problems that will be expensive to fix or repair.
New or Old – Both Need Inspection
It doesn’t matter how old the property is. There is the misconception that new property doesn’t need an inspection. But new property can often have more problems than property that is older—build quality or construction defects may be present in newer property.
In most cases buyers can use an inspector of their choice. Whomever inspects the property, you as the buyer have the right to be present at the inspection, and to ask questions about what the inspector finds.
Call the West Palm Beach real estate lawyers at The Law Offices of Larry E. Bray today for help with your real estate law, and real estate closing needs.
Source:
nationwide.com/lc/resources/home/articles/what-is-a-home-inspection
