The home inspection is ordered and paid for by the buyer right after the contract is ratified. There is an agreed upon time period for home inspections that usually range from 7-14 days. The only inspection that is not paid for by the buyer is a Wood Destroying Inspection if the buyer is getting a VA loan. This Wood Destroying Inspection typically cost $50.
Important Things to Note Regarding the Home Inspection:
- Buyers must hire a certified home inspector (this means don’t hire Uncle Joe the landscaper to conduct the inspections).
- Home inspections are like doctor visits for houses. The inspector will check everywhere from the foundation to the condition of the windows.
- Buyers will need seperate inspections for things like well, septic, and chimneys. These do not come standard with the basic home inspection.
- Buyers are allowed to be there. It’s recommended that the buyers attend the home inspection of the property they are purchasing.
- All repairs after the home inspection are negotiable. The seller can agree to some, none, or all of the requested repairs.
- Ask questions about the home inspection report, the realtor or home inspector will help to fully understand what the report is saying.
- Buyers are allowed to walk away. If they ask for specific repairs and the seller declines, the buyer is then able to walk away from the contract and receive their Earnest Money Deposit back.
- Once all parties have come to a mutual agreement of repairs to be made, the seller needs to send all repair receipts to their agent before settlement.
Click here to see a copy of the standard Property Inspections Addendum (MAR)