One of the contingencies in your contract should be that you obtain a satisfactory home inspection report. You should have an expert take a critical look at the property. The Buyer pays for this, but it is well worth the cost for peace of mind.
The second contingency is that the conditions of the neighborhood in which the home is located are consistent with the buyer's intended use. The neighborhood review includes investigations of schools, proximity to bus lines, availability of shopping, traffic patterns, noise, parking, environmental and safety conditions the buyer may determine relevant in deciding to purchase the property.
The third contingency is the Buyer's review of and approval of title exceptions as shown on the Preliminary Title Commitment including, but not limited to, restrictions, easements, covenants and property line adjustments that are recorded along with subject property.
What The Home Inspection Includes
The home inspection is not the same as an appraisal. The inspection is meant to evaluate the structural and mechanical condition (not the market value) of the property. The inspector will not normally guarantee or warrant the condition of the home. Every inspection should include, but not be limited to, an evaluation of at least the following:
- Plumbing & Electrical Systems
- Heating & Air Conditioning Systems
- Ceilings, Walls & Floors
- Hazardous Materials Concerns*
- Common Areas (in the case of a condominium)
- Oil Tank
- Seller's Disclosure Form
- Septic Tanks, Wells or Sewer Lines (there may be an additional fee for this)
* Hazardous Materials Concerns: Lead Based Paint, Asbestos, Urea Formaldehyde Insulation and Contaminated Soil are addressed by a separate group of Inspectors and there are additional fees charged.
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