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Home Inspections
Once under contract to purchase a home, the buyer has the right to investigate whether there are problems with the property. The contract allows the buyer to terminate it "if the physical condition of the property or inclusions is unsatisfactory in buyer's subjective discretion," or to ask the seller in writing to correct unsatisfactory items. If the buyer chooses to ask the seller to correct the unsatisfactory conditions, it opens a negotiation between the buyer and seller and the contract will terminate if they have not come to agreement by a designated date. Hopefully, both buyer and seller will be fair and reasonable.
It is recommended that the buyer hire a home inspector to conduct a thorough inspection of the property and provide a written report noting defects, their severity and recommendations on how to correct them. The buyer then determines what things to ask the seller to fix, what to fix themselves after closing and if any condition is serious enough, to cause termination of the contract.
If the buyer wants to investigate aspects of the property other than the physical condition, an additional provision can be added to the contract, broadening the inspection contingency. The buyer may want, for example, to research schools, traffic patterns, building and zoning regulations or plans for undeveloped areas surrounding the home.
Before purchasing the property, the buyer is given the opportunity to do a thorough investigation of the home to avoid major surprises after closing. The buyer's agent will offer guidance throughout the entire inspection process.
Rosanne Kolodenko is a Realtor and the Broker/Owner of her local, independent real estate company. She is an Exclusive Buyer Agent, and her company is an Exclusive Buyer Office, representing only homebuyers and working as their advocate. Rosanne is an officer of the Colorado Exclusive Buyer Agents Association. She serves Boulder County and the surrounding area. You can contact her at 303.447.1112 or Rosanne@BoulderBuyerAgent.com, or visit www.BoulderBuyerAgent.com.
