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Written by Tamara Schmitt
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Friday, 25 November 2005 |
A thorough, professional property, roof, and termite inspection should be completed during escrow. This should not replace a buyer's own inspection, trying every appliance, inspecting faucets and sinks for leaks, etc. In most states the seller is obligated under law to disclose all known defects of the property in written form as part of the purchase contract.
This should divulge material facts that could affect the property's value, such as noisy neighbors or a spate of recent home burglaries. If you want the offer to become null and void if an inspection turns up major structural damage, make sure that is a clear contingency in the purchase contract. Check to see what sort of permits have been issued for the property. This is easy since the city usually keeps them all in one file. These permits can tell a lot about the work that was necessary on a property, which gives you an opportunity to double-check if the problem was repaired properly or just executed as a stopgap measure. |
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Last Updated ( Tuesday, 22 August 2006 )
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