The Phil Leng Team: November 2010

The Home Inspection 4 - What it is NOT (Part I)

The Home Inspection 4 - What it is NOT (Part I)

The home inspection itself is not primarily designed for you to decide whether or not you should buy the house.

There is some confusion here.

Our Multiple Listing Forms are written with a number of contingency clauses, or “subject to” clauses. The purpose of that is to allow you to make an offer, negotiate the price, put up your earnest money, and check out a number of issues to make sure you do indeed want to go through with the purchase.
The Home Inspection
During the first 10 days, you are to review the “Form 17” , which is the 5 page long Seller Disclosure form. You can back out of the transaction within 3 days of getting that form, if you simply sign a rescission.

Also during the first 10 days, you can get out of the contract based on paragraph “X” of the Form 21 Purchase and Sale Agreement. It says, in part “Buyer shall have 10 days after mutual acceptance to verify all information provided from Seller or Listing Firm related to the property. This contingency shall be deemed satisfied unless Buyer gives notice identifying the materially inaccurate information within 10 days of mutual acceptance. If Buyer gives timely notice under this section, then this Agreement shall terminate and the Earnest Money shall be refunded to Buyer.”

What does all that mean? Buyer can get out of the transaction in the first 10 days based on inaccurate information.
The Home Inspection
I can add a CLUE report contingency, and a Title contingency as well as the Home Inspection contingency to the offer.

Finally, the home inspection clause that we use includes this language. “This agreement is conditioned on Buyer’s subjective satisfaction with inspections of the property and the improvements on the property.”

What that means is that you can back out of the deal during the home inspection period for any reason at all. You don’t need to find something “wrong” with the house in order to back out. As I often say, you can wake up (within the inspection period) with a head ache and simply decide not to go through with the sale. It is that simple.
The Home Inspection
Back to my original statement. The home inspection is not primarily for you to decide whether to go ahead and purchase the house. The inspection is for you to get to know the house, and learn how to maintain and repair it. And also to find any serious issues.

Occasionally a surprise surfaces during the home inspection that is a major defect. You can negotiate around that defect. Or you can walk away.

So, sometimes, your home inspection will lead you to decide NOT to go through with the sale. But that is not its primary function.

 

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The Phil Leng Team

206-409-6600

philleng1@gmail.com

http://www.ilovekirkland.org

http://www.kirklandhomevalues.com

 
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Comment balloon 4 commentsPhil Leng • November 29 2010 08:12PM
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