Knowledge Mondays – Future Home Inspections
When purchasing a property, it is crucial that you take time to fully inspect the interior and exterior of the property. Inspections provide buyers an opportunity to identify any issues with a home before they make one of the biggest purchases of their lives. In a purchase contract, if the buyer decides not to inspect the home and any problems are found after closing, they are the buyers responsibility. At the moment of closing, the seller transfers all responsibility of the property to the buyer.
An inspector should fully inspect the interior and exterior of the property. Major issues can arise from the exterior as well as the interior of a home that may cause a buyer to walk away from the purchase, including foundation, roof, and plumbing issues. Inspections provide a detailed report of what problems the property has. If the property has small problems, as a buyer you may ask the seller to fix the problems or reduce the purchase property. If the problems are too significant then you may cancel the purchase, as long as your purchase contract allows you to. When drafting a property purchase contract make sure to look for or add an inspection contingency clause that allows you to walk away if an inspection results in issues that are too expensive or significant to continue.
Most Florida purchase contracts include an inspection clause that states an inspection period that a buyer must abide by. The inspection period provides a time frame for the buyer to conduct an inspection and notify the seller of any general repairs in writing. The specific amount of days that an inspection period will last is negotiated by the buyer and seller when entering into the purchase contract. After an inspection is conducted on the property and notice is provided to the seller of any general repairs, the seller can either have a second inspection conducted or provide the buyer with a general repair estimate. It is important to note that if the buyer does not conduct an inspection and provide notice to the seller of the general repairs within the inspection period, the buyer waives the seller’s obligations to make the repairs and the contract continues to move forward.
If you would like to discuss your property purchase contract, schedule a consultation with the experienced attorneys at Alvarez Law Group today. Call us at (786) 620-2820 or email firstname.lastname@example.org to schedule a consultation.
*Disclaimer: this blog post is not intended to be legal advice. *