Are the inspection clauses in the contract for the benefit of the Buyers or the Sellers? The answer is both. The Seller wants you to have the right to perform every inspection you want so that the risk of a later lawsuit for failure to disclose is minimized. You want to inspect so you know what you are buying.
Many buyers order a home inspection and a wood boring insect test and think they have everything covered. Lets’ look at some of the other tests that are important.
- LEAD- If the house was built before 1978 have this test done whether you care about lead or not. When you go to sell, your buyer will care and they will have a test done. If there is lead paint, YOU will pay to remove it. Don’t lose this opportunity to clear this issue up before you buy.
- WELL - Most people have the water tested for potability. If it passes you think it is safe to drink. In truth, if it passes, it does not contain fecal coliform, algae or other things that GROW. It may contain toxic chemicals. Equally likely, there may not be enough water produced from the well to serve you home (unless you just got out of the Navy and are used to Navy showers). You want to test for chemicals and flow rate. You want at least 4 GPM (gallons per minute) sustained flow from the source. In other words water continuously coming from the well and not from a storage tank.
- STUCCO - For the last 2 or 3 years, I have pushed my clients who buy stucco covered homes to have invasive tests. Guess what percent fail? They all do. The cost to correct is between $15,000 and $200,000.
- SURVEY - Most Realtors® say “we don’t do surveys in Pennsylvania.” If you don’t do a survey you assume multiple risks, including: 1) not knowing where the boundaries are, 2) having your home or your driveway on the neighbor’s property, 3) having the neighbor’s home or driveway on your property, 4) having a right of way to an property behind you which goes through your well landscaped yard. There are many more.
- TITLE SEARCH - The time to review the title commitment is during the inspection period. You need to know if the Seller is selling short. A short sale can delay you for a year. You need to know about deed restrictions, easements and other limitations on your ability to enjoy the land.
- ON-SITE SEWAGE - A failed septic system may cost you $15,000 to $40,000 to replace. The time for a test is during the inspection period.
- MOLD - Several common molds are fatal. Need I say more?
This is the biggest investment of your life. It is not the time to cut a corner and take a big risk.
