Disclosures
Although you have toured
the property, looked at the walls and ceiling, turned on the faucets
and played with the light switches, you have not lived in it. The
seller has years of knowledge about his or her home and there may
be some things you want to find out about as quickly as possible.
For this reason, you will require certain disclosures as part of
your offer.
Basically, you want
the seller to disclose any adverse conditions that may have a substantial
impact on your decision to purchase the home. This would include
any problems with the house, whether the property is in a flood
zone, a noise zone, or any other kind of hazardous area.
If you have an agent
representing you, this is almost automatic, but many states do not
require individuals selling their own home to provide you with this
information. Often they do not require banks selling foreclosed
property to provide these disclosures, either. Obtaining these types
of disclosures should always be a part of your offer, and time is
of the essence.
Condition
of the Property
The last thing you
want when you assume possession of your new home is to find it in
a total mess. Therefore, you should make it clear in your offer
that certain minimum standards are required. If you do not, you
might find out the seller or neighbors have begun using the back
yard as a trash dump, or something worse – and you would not be
able to do anything about it.
Some of the requirements
you might want to include in your offer are that the roof does not
leak, the appliances work, the plumbing does not leak, that there
are no broken or cracked windows, the yard has been kept up, and
any debris has been cleared away.
Home
Inspections
Besides appraisal and
the termite inspection, you should also have a professional go through
the house and seek out potential problems. Of course, you will have
inspected the home, but you are not used to looking at some things
that a professional will find. Even if they are not things the seller
is expected to repair, at least you will have foreknowledge of any
potential problems.
The seller will want
this inspection performed quickly, so that you can approve the results
and move forward with the purchase. Once you receive the inspection,
you will want to allow yourself sufficient time to review and approve
the report. If you do not approve the report, you may negotiate
with the sellers on which repairs should be performed and who should
pay for those repairs. Otherwise, you can cancel the purchase without
penalty, provided you have included timetables in your offer.
Allow a maximum of
ten to fifteen days to receive the report and five days to review
it.
Final
Walk-Through Inspection
Before closing, you
will want to revisit the property to ensure it is in the condition
you have required in your offer, and to inspect that any required
repairs have been performed. You should do this no sooner than five
days before you intend to close. Make sure this right to do a final
inspection is included in your offer to purchase the home.
copyright 2000 by Terry
Light and RealEstate ABC |
