A home inspection is often a condition of the Agreement of Purchase and Sale. Having that condition in place ensures that if the house you plan to buy is not in good repair, you have the option of withdrawing the purchase offer. Many agreements are made conditional on home inspections, but some buyers choose to waive it. That can be a mistake because the home may have problems that cannot be discovered without a good home inspection.
A home inspector will conduct an assessment of the home’s structure and condition. He or she will inspect the foundations, electrical and plumbing systems, the roof and ventilation of the house.
The home inspector will also look at:
Once the inspector has completed the assessment of the house, he or she will issue a report on its condition. The report will usually inform you about any areas of concern, such as previous problems or what parts of the home need repair.
You can rescind your offer if there is a home inspection clause in your purchase and sale agreement and the home inspectors report advises of deficiencies. You can also ask the seller to lower the price due to the deficiencies. It is also important that the home inspector you hire possess good credentials. It is advisable to ask about their training and experience and whether they have insurance. He or she should also provide you with a written contract.
To ensure your agreement has the home inspection clauses, it’s a good idea to have a lawyer review your purchase agreement before you sign it. This will ensure that your agreement won’t exclude important clauses that could result in delay and additional costs in the future.
At Filice Law, we have extensive experience reviewing Agreements of Purchase And Sale for our clients. We ensure that your contract will have all necessary clauses, including the home inspection clause, to protect your interests. We can also refer you to a qualified and reliable home inspector.
Filice Law offers quality consultations. If you want to find out more about home inspections or have other questions about your real estate transaction call our Ancaster, Ontario office at (905) 383-0828. You can also reach us by email.