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Buyer beware! Before a buyer finalizes the house purchase, he or she should make sure the property is in good condition, and be clear on what problems may exist. In some states, such as California, sellers are obligated to disclose all known material facts pertaining to the property. Regardless of the disclosures made by the seller, the buyer has the right, at his or her own expense, to conduct any inspections, tests, surveys or investigations of the property he or she feels are necessary to assure the condition of the home. The property should always be inspected for a variety of potential defects. Depending on the age and location of the property, a buyer may want to arrange specialized inspections for pest damage, hazards from floods, earthquakes and other natural disasters, and environmental health hazards such as asbestos and lead contamination. [If repairs are made, California and other states require by law that contractors performing jobs that total $500 or more (including labor and materials) be licensed.] Some common inspections conducted for the sale of a property include: Termite inspection is one of the most important inspections. In many cases lenders require a termite clearance before they will fund the loan. This inspection checks for structural damage due to infestation by wood-destroying pests or organisms, as well as for water and other physical damage. Termite inspectors classify their findings into three different categories:
Property inspection A property inspection report is vital to any real estate transaction. The inspection documents the current state of the property and helps the buyer decide what conditions are acceptable and what are not. A visual inspection should be made that covers all aspects of the house, including electrical, plumbing, appliances, foundation and health and safety issues. A property inspector should be a neutral third party, independent of the transaction, and should not perform or offer to perform any repairs to the property, eliminating potential conflict of interest. If the inspection discovers corrections that need to be made, the seller is not required to make the corrections; however, facts uncovered by the inspection often affect the property negotiations. The seller's obligations are limited to the following, unless otherwise agreed upon:
Roof inspection is important because the seller must only ensure that the roof is free of any known leaks. Regardless of the roof's age, the seller is not obligated to replace it unless otherwise agreed upon.
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