5 Things You Absolutely Should Do During Inspection Period
Nishad Khan, PL, is wanting to help guide the community through their real estate questions. There are some important things to remember when Orlando buyers have the property they are interested in purchasing inspected. As a potential buyer, do not forget these items, because they may cost you dearly.
Nature of the Inspection
When setting up your property inspection, it is very crucial that you specifically inform the inspector what will need to be inspected. The building structure might be on the agenda; however, you may be forgetting to have them inspect the septic, the pool and for any wood destroying organisms. Make sure that you communicate clearly with your inspection team about what you expect them to inspect.
The inspection report will provide you with a detailed report of the inspection team’s findings. It is a good way to get an idea of any issues or defects that may exist on the property before you decide to buy. You want to know whether any issues or defects, which may exist on the property are too costly to repair; therefore, a potential buyer is encouraged to thoroughly review the inspection report before buying.
Ensure you give yourself enough time to inspect the property so that you feel comfortable with moving forward in your purchase of the property. The agreed upon inspection period should be long enough to give you time to hire an inspection team to make a trip out to the property for inspection and to give you time to thoroughly review the inspection report. Have any inspection deadlines calendared so that you do not pass the time period allotted for the inspection. Once the inspection period expires, you will lose any negotiating power you may have with the seller in requesting any repairs to the property. Also, it is important to keep in mind that, once the inspection period expires, any earnest money deposit tendered in the transaction would likely be forfeited to the seller in the event that you opt not to purchase the property due to the condition of the property. Watch your calendar carefully.
Licensing of Inspector
Before getting an inspector, make sure that they are properly licensed and insured. You do not want an amateur handling your valuable property check. Insist on seeing their licensing and the insurance policy they have in place before hiring them to inspect the property you are interested in purchasing.
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