Home Inspections, Title Search and CC&Rs
THE HOME INSPECTION
Your contract will most likely be contingent (dependent) on a professional inspection of the entire property, including improvements. The home inspector looks beyond the cosmetics to acquaint you with the home’s various systems and to ensure they operate properly and safely. Remember, no home is perfect! If problems are found, your agent will help you determine the next step.
- You select the home inspector. If you do not know a home inspector, your agent can provide names of experienced inspectors.
- The time frame for completion of the inspection is specified in your Real Estate Purchase and Sale Agreement.
- Inspection costs range from $250 to $450 depending on the home-size.
- This cost for the inspection is paid by you, the Buyer, and is due at the time of the inspection.
- Inspections typically take between two and four hours, again depending on the size of the home.
- Most inspectors prefer to perform the inspection without anyone present so they can concentrate on their task at hand.
- Once the inspector is finished, you are encouraged to meet them at the home so they can review their findings with you.
- Let your agent know if you plan to meet with the inspector at the home as it will need to be coordinated with the seller and listing agent.
- The inspector will give you a detailed report of the inspection within 24 hours, which your agent will review with you.
- I can help you identify items to ask the seller to repair. These will be noted on an Inspection Contingency Release Addendum.
- After this second negotiation process is complete, you are ready for the next step: preparing for the actual closing!
PRELIMINARY TITLE SEARCH
I will submit the signed Real Estate Purchase and Sales contract to the title company. The title company, is an independent third party and will open escrow. At this point, the title company’s main responsibility is to ensure there are no defects in the legal title of the property. They will look for conditions in the title that make it difficult or impossible to transfer title to another party. You, myself and your lender will receive a copy of the preliminary title report.
HOMEOWNER’S ASSOCIATIONS AND CC&R’S
If the home you want to buy is part of a homeowner’s association you will receive a copy of the Covenants, Conditions, and Restrictions (CC&R’s) from your agent to review. If there are any provisions in the CC&R’s that you cannot abide by, this is the time to think about it.