The Collaborative Knowledge Article and Video Project about Buying and Selling a Home. With your writings, edits and uploads we can help people successfully complete what is probably the largest transaction in their lives, and avoid making costly mistakes. Both agents and consumers, we need your help to build this free resource.
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Home Inspections
The suspected link between Chinese drywall and toxic effects reported by thousands of U.S. homeowners was strengthened Monday by three preliminary reports issued by the federal government.
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Even if you trust your seller to disclose fully, sometimes there are things in home buying the seller may be unaware of.
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• An examination of the structural and mechanical systems of a property
• Conducted by a state-licensed building contractor
• Any defects found must be repaired by a specialist
• Some lenders require a home inspection
• Buyers should inspect before buying
• Takes place after purchase agreement is signed
• Buyer usually pays as part of closing costs
• Cost: Usually $150-$500
• Shop around for the best inspector and best rate
• Buyers: Make sure you can get out of purchasing property if it does not pass inspection
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