Home Inspections and their Role in the Real Estate Transaction

Posted May 24, 2021 at 5:00 am by

By Mer­ri Ann Simon­son, Man­ag­ing Bro­ker, Cold­well Banker San Juan Islands Inc

Contributed Photo. Merri Ann Simonson.

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.

Sell­er’s Disclosure

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.

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Categories: Real Estate

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