REAL ESTATE CLOSINGS: INSPECTION
Buying a home can be exciting — especially when you find the right price for an aesthetically pleasing home, located in the right neighborhood. Sometimes, however, without a thorough home inspection, you might discover a little too late that you did not receive as good a deal as you thought you did. Without a thorough pre-closing home inspection, you might discover post-closing that your home is infested with asbestos and/or radon. A home inspection is key to avoiding that predicament! Call (312) 561-5063 today to consult with an attorney at JRQ & Associates who specializes in real estate closings and can guide you on home inspection specifics.
What to Expect as a Buyer
Generally, an inspection occurs when a home inspector or general contractor examines certain components of the home or the house entirely. In certain locales, the law requires home inspections for cancer causing agents like asbestos or radon before closing. Based on legal requirements, the seller may agree to pay for the inspections.
Home inspection timing depends on the provisions of the sales contract. For example, the home inspection may occur after the contract is signed because both the seller and buyer do not want to delay closing. Under such circumstances, your attorney must be sure to include in the sales contract what is known as an “inspection contingency date.” That contingency date specifies the final date that the inspection must occur and includes details about buyer and seller remedies if the inspector discovers defects.
Matters become complicated where the sales contract contains an “AS IS” clause. That clause generally implies that the seller disclaims any further obligation to compensate the buyer for defective home conditions he or she finds after closing. If your sales contract contains an “AS IS” clause and you have questions about what it means, then do not hesitate to call JRQ & Associates.
Legal Issues and Remedies
Generally, if the inspector discovers a defect or defects, the seller and buyer may negotiate further. These negotiations might result in the seller agreeing to pay for the remedies. The negotiations should also include discussion of a remedial action time frame.
In terms of inspections required by law, the seller may arrange for the inspections to assure compliance with building requirements. If for example, the inspection results indicate that the home contains lead-based paint and such discovery turns out to be a deal breaker for you, it is best to specify that concern to your attorney in the event that he or she can use that as leverage to cancel the sale. It is also important to keep in mind that negotiations and post-defect discovery can result in the seller agreeing to remedy the flaws free of charge or reducing the price of the home. To learn more about how negotiations might proceed in your particular case, and after the discovery of home defects, call (312) 561-5063 to speak with an experienced real estate attorney at JRQ & Associates.