Buyer’s Inspections:

 

• Home Inspections protect you from serious problems with the home; however, they do not apply to minor maintenance items cosmetic defects, or items which are simply old, if they nevertheless are in proper working order

 

• It is your responsibility to have the structural inspection, wood destroying insect inspection, pool and septic inspections (if applicable), underground oil tank sweep, and the radon gas test.

 

• Additional testing may include a property sweep to determine if there is an underground oil tank, swimming pool and septic system tests, , asbestos tests, mold tests, ‘level II’ chimney test, lead paint tests.

 

• It is best to have your inspections performed as quickly as possible once the contract is out of attorney review as there will be a time limit in the contract. You will be able to hire the inspectors and your realtor will handle the logistics of access to the home at the appropriate time.

 

 

Seller’s Inspections:

 

• If the home has well water, the seller will conduct a well water quality test.

 

• The seller is responsible for any municipal inspections and obtaining certificates, such as a smoke detector certificate or a certificate of occupancy.

 

Negotiations:

 

• Your inspector will send the reports to you and should also copy your attorney. You will review the reports with your attorney to discuss the issues, if any, that you may ask the sellers to remedy prior to closing.  

 

• Your attorney will send copies of the reports to the seller’s attorney along with a list of your repair demands. The seller’s response could be that they will address none of the issues, or something in between. There will be negotiations and, hopefully, a mutually acceptable agreement.

 

• If defects are found, and if the seller refuses to address the defects, the buyer may have the right to cancel the Contract and would be entitled to the return of any down payment.

 

• In some cases the parties may agree upon monetary credits in lieu of actual repairs. This could be advantageous to both parties. Such credits must be approved by the buyer’s mortgage lender. There will be specific rules regarding whether credits are allowed and, if so, how large they may be.

 

• When purchasing an “As-Is” property, the buyer is still entitled to the usual home inspections. If a serious defect, such as UST, mold, asbestos, K&T wiring, or a Federal Pacific Panel, are found, the seller is not legally obligated to make the repair, but the buyer will still have the right to cancel the Contract.