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INSPECTIONS |
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| In a real estate contract inspections constitute contingencies which bind the parties until they are completed to the satisfaction and/or agreement of both parties. | ||
The most common inspections are: 1. Home Inspection - Buyer is afforded the opportunity, at Buyer's sole cost and expense, to condition Buyer's purchase of the Property upon a Home Inspection and/or Environmental Inspection in order to ascertain the physical condition of the Property or the existence of environmental hazards. If Buyer desires a Home Inspection and/or Environmental Inspection contingency, such contingency must be included as an Addendum to this Contract. 2. Appraisal - An independent professional estimate of value performed in the interest of the lender. 3. Termite Inspection - Buyer, at Buyer's expense (if VA, then at Seller's expense) is authorized to obtain a written report from a Maryland licensed pest control company that, based on a careful visual inspection, there is no evidence of termite or other wood destroying insect infestation in the residence; and damage due to previous infestation has been repaired. The paragraph also shall apply to (1) the garage or within three (3) feet of the garage (whether attached or detached), (2) any outbuildings located within three feet of the residence or garage and (3) a maximum of ten (10) linear feet of the nearest portion of a fence on Sellers property within three feet of the residence or garage. 4. Well and Septic Inspection - Tests of gpm flow and of bacterial content are most common 5. Radon Inspection - Radon exists predominantly as a gas that can enter the body through inhalation. Nationally, rado in indoor air is recognized as the second leading cause of lung cancer. The EPA recommends testing of indoor air, and remedial action is recommended if the airborne level exceeds 4pCi per liter of air 6. Insurance Inspection - Many insurance companies require an independent inspection (including photographs) of the subject property prior to issuance of an insurance binder. This inspection combined with a CLUE (Comprehensive Loss Underwriting Exchange) report determines the final decision of the insurance company. |
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Affiliates of Coldwell Banker Residential Brokerage , Owings Mills - 410-363-0700 |
