Home Inspections and their Role in the Real Estate Transaction
By Merri Ann Simonson, Managing Broker, Coldwell Banker San Juan Islands Inc
If you are a buyer or seller, I bet you thought just getting under contract was stressful for all parties.
In reality, the home inspection and feasibility response and associated negotiations are often the more stressful event.
Allowing a buyer to have a home inspection and hopefully, a concurrent feasibility study is a very necessary part of the transaction.
The seller must provide a disclosure about the property. This is merely a disclosure, not a representation, guarantee or warranty.
This disclosure should be given to your home inspector prior to their visit so they can focus on the seller’s comments about defects and repairs made. Your agent should automatically do this but as a buyer, you should ensure it happens.
Buyer’s Due Diligence
Washington is a buyer due-diligent state. If the boilerplate language is used, the buyer gets a free ride to investigate whether the property is suitable or not.
If they respond with notice to terminate within the deadline, their deposit is refundable unless the contract is written differently.
In some of the nearby metropolitan markets, some buyers elect to waive their rights to attract the seller’s attention, but that is not the case on San Juan. I
n the long term, allowing this process will reduce the exposure to future disagreements about the condition of the home.
The buyer needs the opportunity to research the property and the condition of the improvements prior to closing.
As a seller, if your buyer waives their rights to an inspection, be sure to obtain a copy of the waiver or a hold harmless agreement for the file.
Read more at www.sanjuanislandslifestyle.com/blog.