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Residential real estate transaction relies on home inspection

August 10, 2017 Posted in Blog

 

Home inspections are a vital part of the process of purchasing and closing on a residential property in Florida. There are some important issues to keep in mind regarding home inspections when buying residential real estate. First, the timing of the inspection may be important.

home inspection

The buyer will inspect the main systems, such as the heating, cooling, plumbing and electrical systems. The structural integrity of the premises is also a consideration. Generally, if it is a seller's market, which seems to be the case now in Florida, a buyer will gamble on the condition and sign the purchase agreement prior to making the inspection. That is because a buyer wants to assure tying up the property rather than risking someone else coming in rapidly and landing the purchase.

It can be important that a buyer retains the right person to make the inspection. The importance of knowing the condition of the major systems is critical, and a lax inspection could cost big at a later time after the settlement. The buyer may have to foot the whole bill instead of sharing it with the seller, or getting the seller to credit the price for the full or a partial amount of fixing the problem. It is best for the buyer to take the inspection seriously and retain a qualified and experienced home inspector.

Generally, the inspection will include all major systems and structural components, as mentioned above. The main inspection does not include an array of other inspections that may be either mandated or desired. Some of the more common supplemental tests are for radon, termites and pests, and environmental factors. Inspection for lead paint, mold, foundation integrity and code compliance may also be arranged.

It is important to have the seller present so that full access can be given and important questions can be answered. The seller of residential real estate will sometimes conduct a full array of testing when the property is listed for sale. This gives the seller some basic ammunition in holding at a steady sales price, and makes the seller more impervious to moderating the selling price downward.

With offices in downtown Pensacola, Pace and Pine Forest, Clear Title provides professional residential real estate closing services throughout the Florida Panhandle. If you are looking for a professional closing company with a long track record of successful, error-free closings, we invite you to get in touch. To speak with one of our professionals about your closing in Northwest Florida, inquire online or call Pace office (850) 994-3838Pine Forest office (850) 202-8518 or downtown Pensacola (850) 378-8765  today.

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