Home inspection
When you make a written offer on a home, you should insist that the contract state that the offer is contingent on a home inspection conducted by a qualified inspector. You will have to pay for the inspector yourself, but it could keep you from buying a house that will cost you far more in repairs down the road. If you are satisfied with the results of the inspection, then your offer can proceed. If you are not satisfied with the inspection report you can either concel the offer, or negotiate with the seller for the value of the repairs.
Home inspection contigency
This inspection contigency normally has a value. For example; If the repairs inspection reveals more than $1,500 in repairs you have the right to cancel. If the reapirs are less than that amount then you will continue with the contract for purchase. This is common with "as-is" contract that have a inspection contingency.
Other home purchase contracts that have a home inspection contingency are based on a percentage of the purchase value. This amount is negotiated with the seller and is normally about 2% of the purchase price. Basically it states that the seller is willing to make repairs, as determined by the inspection report, up to that amount.
The Home Inspector
A home inspection is an evaluation of a home’s condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy.
The inspector will:
- Evaluate the physical condition: the structure, plumbing, electrical, construction and mechanical systems.
- Identify items that should be repaired or replaced.
- Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.
The home inspector does not estimate the value of the house.
Finding a Qualified Home Inspector
As the homebuyer, it is your responsibility to carefully select a qualified home inspector and pay for the home inspection.
The following sources may help you find a qualified home inspector:
- State regulatory authorities - Some states require licensing of home inspectors.
- Professional organizations - Professional organizations may require home inspectors to pass tests and meet minimum qualifications before becoming a member.
- Phone book yellow pages - Look under “Building Inspection Service” or “Home Inspection Service.”
- The Internet - Search for “Building Inspection Service” or “Home Inspection Service.”
- Your real estate attorney. Most real estate professionals have a list of home inspectors they recommend.
Radon Gas Testing
Radon is a cancer-causing natural radioactive gas that you can’t see, smell or taste. Its presence in your home can pose a danger to your family's health. Radon is the leading cause of lung cancer among non-smokers. Radon is the second leading cause of lung cancer in America and claims about 20,000 lives annually.
The U.S. Environmental Protection Agency and the Surgeon General of the United States have recommended that all houses should be tested for radon. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-Radon or 1-800-767-7236. As with a home inspection, if you decide to test for radon, you may do so before signing your contract, or you may do so after signing the contract as long as your contract states the sale of the home depends on your satisfaction with the results of the radon test.
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