Loading..!
Buying a Home

Understanding Buyer Obligation For Home Condition Prior to Sale Completion

When buying a home there are always a myriad of questions to be asked. While many buyers have their list of important items they seek in amenities, it is very important to go beyond the surface of what a home looks like. Since every home is a blend of location, structural, mechanical and aesthetics, looking to all levels of a home that is being considered is very important for this long-term investment. While a home may appear to be picture perfect for what the buyer is seeking, there are many levels of what a home offers that are pertinent in its value and usefulness.

The “Buyer Beware Clause”

If a buyer does not delve deep enough into verifying that the home is structurally and mechanically sound, the buyer can find themselves in a nightmare after the closing takes place. If some defect is hidden that goes awry after the closing takes place, the buyer becomes responsible for the defect unless it was blatantly hidden from the buyer in a deceptive way.

That means that evading getting a clear understanding of a home, can lead to costly repairs that must be paid for by the new owner. In most cases, if the defects are found before the closing on the home, the cost of repairs can be negotiated for the buyer. This ensures that the seller takes responsibility for the defect before they are no longer involved with the home. To learn more about proper representation visit this website today.

While many buyers do not understand the basic facts of buyer liability, there is a term in real estate known as “the buyer beware”. That means that the buyer has a certain responsibility to be thorough in checking out the home for any latent defects before finalizing a sale.

Some of the major concerns that buyers should address are: 

• Condition of the Home’s Mechanical Systems
• Condition of the Structure
• Evidence of Insect Infestation
• Check for Potential Toxins
• Verify Clear Title
• Verify the Land is free from Encroachments

While a general home inspection will verify that the home is free from any major mechanical or structural problems, other tests may have to be completed by other professionals. Insect infestation and checking for potential toxins like radon and lead are often handled by licensed professionals in those fields. However, some home inspectors are licensed to complete all these tests.

When a home inspector is hired to complete tests on a home, it is also important to understand they have limitations. While they can verify that the overall structure of a home is sound and the electrical, plumbing, heating and hot water systems function well, they do not usually have anything to do with verifying well and septic function. These tests must be completed by professionals in those fields. Buyers need to make sure that all the tests that they wish to have completed are written in the contract as conditions of the sale. Failure to do so can result in loss for the buyer of certain remedies if problems are discovered.

Editor's choice
A Wise and a Happy Investment
Hire a Trustworthy Property Management Company in Ontario
Wholesaling Properties - No Cash Down Method
Why Invest in Dholera SIR Residential Plots?
New York Real Estate Ownership Guide