Understanding Home Inspections

As a Seller, it's a good idea to get your own Home Inspection early. Knowing what a potential Buyer might find, and what their objections might be will make it easier when it comes time to close. Plus, it can be invaluable in determining(and sticking to) your asking price. Later, too, you can use it as a comparison to the home inspection the Buyer obtains,which will give you peace of mind that their findings are legitimate.

The National Association of Realtors® offers a lot of helpful information in their Home Inspection 101 section.

Here are some of the questions they suggest you ask a Home Inspector:

Contract Specifics

Understanding the Timelines and Obligations of your Residential Sales and Purchase Contract:

Paragraph H. AS-IS WITH RIGHT TO INSPECT

This Paragraph is used when the Seller neither wishes to warrant the Property’s condition, nor to have any obligation to make repairs.  What to think about:

NOTE: This affects neither the "Risk of Loss" provisions nor the "maintenance obligation" of the Seller to maintain the Property in the same condition on the Closing Date as the Effective Date (excepting normal wear and tear). This does not guarantee that a specific item works, just that the Buyer is receiving the item in the same "as-is" condition it was in at the time the contract was fully executed.

NOTE: For the Buyer's cancellation to be effective, the Buyer must deliver timely written notice of intent to cancel the Contract, and, must deliver a copy of the written repair estimates or written report from the inspector or person holding an appropriate Florida license to repairs the items inspected.

Paragraph I. INSPECTIONS

Subparagraph (1) allows the parties to make inspections with unlicensed persons, including themselves, without using a professional inspector (except for a WDO Inspection, which usually involves the approval and supervision of a lender).

Subparagraph (2) gives the Buyer the right to cancel, if, for any reason, the Buyer is unhappy with the condition of the Property. Under this provision, the buyer’s unhappiness does not have to be reasonable or justified. However, the Buyer still must furnish written notice, along with a copy of the inspection results, and must do so within 2 days from the end of the Inspection Period.

NOTE: Subparagraph (2) is the absolute "free look" by the Buyer. Sellers should keep inspection periods very short to give a Buyer a small window of opportunity to inspect the Property and then be able to repyro the Property rather quickly should the Buyer cancel the Contract.

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