Your home is in escrow, and the buyer has scheduled a home inspection. A home inspection is a thorough visual examination of the home and property. The process usually takes two to three hours, during which time the house is examined from the ground up. The inspection includes observation and, when appropriate, operation of the plumbing, heating, air conditioning, electrical, and appliance systems, as well as structural components: roof, foundation, basement, exterior and interior walls, chimney, doors, and windows.
It’s important to remember that a home inspection does not detect every conceivable flaw. It is an inspection of those areas and items that can be seen. Home inspectors cannot see through foundations, floors or walls, and cannot inspect areas or items that are inaccessible.
A pre-sale inspection enables you to attend to problems before the house is put on the market, it also removes any questions about the condition of your home for you and a potential home buyer. Buyers are positively influenced by a professionally produced home inspection report, which improves the speed, price, and likelihood of a sale.
Some home sellers elect not to correct every defect reflected in the inspection report. Instead, they acknowledge the defects to buyers and explain that the asking price has been adjusted to reflect the estimated cost of repairs. Such candor tends to shorten negotiation time because buyers have fewer objections that could thwart a sale. In addition to facilitating the sale of a home, an inspection helps the homeowner comply with full-disclosure real estate laws, governed by state laws. By focusing on the condition of your property, you are less likely to overlook a defect or material fact for which you later could be held liable.
Qualified inspection companies will provide a sample report to substantiate that they abide by industry standards. One of the key standards is that ethical inspectors neither perform repairs nor refer clients to repair companies (thus avoiding a conflict of interest). Obviously, inspectors who make repairs on homes they inspect are more likely to "find" defects.
Once you have arranged for a home inspection, plan to accompany the inspector for the entire procedure. You have the right to be there, and leading home inspection companies will encourage your presence. It helps you to better understand the findings in the report, and will reduce post-closing hassles. Don't forget your list of questions and items of concern. A thorough home inspection covers more than 1,000 items, everything from the foundation to roof and takes two to three hours depending on the size of the property. The report should reflect the condition of about 400 items.
Timeline and Paperwork
The Closing Paperwork generally consists of the following documents:
Deed - A legal description prepared by an attorney to transfer and record, in public records, ownership of property.
Title Insurance Policy and Certificate of Title - This coverage is issued by the title company after completion of the title search. They check to see if there are any judgments, liens or attachments that need to be taken care of to `clear' the title. After checking on unpaid taxes and assessments (e.g., sidewalks or sewer), the attorney provides a certificate of title to the lender and the buyer.
Homeowners' Insurance Policy - New home buyers must obtain a binder for new coverage on the home, and the seller is generally required to keep the property insured against loss or damage prior to the Closing to protect the new buyer's interests.
Mortgages - The mortgage contract gets recorded to protect the mortgage lender's interests. When a mortgage is paid off (also known as 'satisfied'), the home buyer will receive a copy of the ``satisfaction of mortgage" which is a document that indicates that the mortgage has been paid in full.
Property Tax Bill - Many homeowners will supply a copy of their property tax bill to the home buyers; if not, a copy can be obtained from the town or city hall Assessor's office.
Warranties and Service Records - Home buyers appreciate these records, if available from the home sellers, as they can aid in obtaining satisfaction if a product or service fails within the given time or usage limits. It is also helpful to know what service people the sellers have used in the past as they experience, sometimes for the first time, the maintenance of a home (furnace cleaning, snow plowing, plumbers, etc.)
Plot Plans and Surveys - An up-to-date survey will be required for the closing. You can look up a the current plot plan at the town hall and obtain a copy for a nominal fee.
Water and Sewer Bills - Proof of payment by the seller will probably be required for the Closing.
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