Property Inspection
It is strongly recommended that a licensed professional engineer or experienced home inspector go through the house and seek out any potential and existing problems. Of course, you will have inspected the home, but you may not be experienced in evaluating certain items 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. Plan on attending the inspection, which typically can take 2 to 3 hours. The engineer will inspect, among other items, the plumbing, heating, air conditioning, and electrical systems, roof, foundation/structural, walls, windows, ventilation, and check for any safety or health-related problems. If the home has well/septic systems or a buried oil tank, they should be tested, as well as checking for radon gas and inspecting for wood-destroying insects. The cost for a general home inspection ranges from $400 to $800+, depending on the size of the home plus any additional inspections which may add to the basic inspection fee.
Once you have an verbal acceptable offer (price & terms) with the seller, the buyer is generally expected to have inspections completed within 72 hours from the date of seller's acceptance of offer. If you do not accept certain findings in the report, you may negotiate with the seller on which repairs should be performed and who should pay for those repairs. You may want to back out of the purchase if the property has any serious structural defects or deficiencies. Buyer's Edge Realty provides guidance and counsel in renegotiating any inspection-related items and will advise you on when to back out of a purchase due to certain defects or deficiencies.
Important Note: Effective December 31, 2005 New York State Law requires home inspectors to be licensed by the New York State Department of State as per Article 12B of the State Education License Law. If you are using the services of a home inspector who is not a licensed professional engineer, registered architect, or code compliance officer, make sure that the inspector has been licensed by NY State. Real estate agents by law are required to disclose this information to you prior to hiring a home inspector.
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