Posted by: Roby Robertson | July 16, 2009

Lake Norman Real Estate | It IS The Inspector’s Job so Know Your Contracts

Being a REALTOR in the Lake Norman area, I have learned that the most tense and difficult period of a real estate transaction is the inspection and potential remediation period.

When a buyer hires an inspector he/she is paying them to find flaws.  Let me say it another way.  The buyer is paying them to FIND something and they will!

The biggest issues that arise are anger from the seller and fear or anxiety from the buyer.  I have found that education about our contracts and the process is the best way to avert problems during this process.  I am amazed at the agents that don’t explain the process and more importantly explain how the verbiage in our contracts affect the request for repairs and remediation.

Here is an excerpt from our Offer To Purchase Contract that pertains to this subject:

(a) Property Conditions: As to all permanent improvements except;_______________________.
if it is a condition of this contract that (i) the built in appliances, electrical system, plumbing system
heating and cooling systems, roof coverings (including flashing and chimney’s, floors, walls, ceilings and roof(s) ,porches and decks, fireplaces and flues, crawl space and attic ventilation systems (if any),
water and sewer systems (public and private) shall be performing the function for which intended and shall not be in need of immediate repair; (ii) there shall be no unusual drainage conditions or
evidence of excessive moisture adversely affecting the structure(s);and (iii) there shall be no friable
asbestos or existing environmental contamination.
(b) Inspections/Repair Negotiations: Buyer, at buyer expense may inspect or obtain such
inspections of the Property as Buyer deems appropriate. Only items covered by subsections
(a)(i),(a)(ii) and a(iii) above (“Necessary Repairs:) are included in repair negotiations
under this contract.

If everyone involved understand these points, we can avoid much of the confusion and anxiety involved with the inspection process.  Notice that there are no points that cover cosmetic repairs.  If the home needs cosmetic updates or changes be sure you can live with them.  The seller does not have to do anything about these.  While some will, some won’t so be prepared.  Also notice the underlined permanent improvements.  Even though not specifically mentioned, cracked driveways that are in bad shape can be included.

Buyer and Listing agents in the Lake Norman area should also be aware of things involving boat docks.  This area can be questionable but why deal with it before it becomes a problem. It should be discussed before listing the home or making an offer to decide how it will be handled and disclose it up front.

One thing I do with my clients, both buyers and sellers, I go over this very important aspect of our contracts so that we are prepared for the inspection process. 

Good agents that really understand our contacts can not only negotiate inspections and repairs very well they can also keep the process moving with little or no stress.

Please feel free to contact your Lake Noman Agent at 704 451 7051 if you have any questions about Lake Norman Real Estate and/or our Offer to Purchase and Contract.

See Also:

Why Lake Norman Is Such A Great Destination

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