Most buyers will choose to have a home inspection. An inspection should determine the condition of the plumbing, heating, cooling and electrical systems. The structure should be examined to assure it is sound and to determine the condition of the roof, siding, windows and doors. The home should be inspected for any insect damage. Also, the lot should be graded away from the house so that water does not drain toward the house and into the basement.
Generally buyers prefer to pay for these inspections so that the inspector is working for them, not you.
The Contingency
The Purchase and Sale Agreement will often include a contingency such that the buyer has the right to cancel if (s)he is not satisfied with the inspection results. Both parties may also re-negotiate the contract in the event of an unsatisfactory inspection. The buyer may request that you make repairs or lower the sale price to cover the cost of repairs. In any case, you have the right to see copies of the original documents the inspector prepared regarding your home.
You then have the right to meet the request, negotiate changes, or refuse the requests. If you opt to refuse the requests, the buyer may then choose to accept the house “as-is” or terminate the agreement. As long as the obligations were fulfilled according to the contract, the buyer would receive a refund of the earnest money.
Lead-Based Paint Hazards
If you are selling a home built before 1978, buyers have certain rights concerning lead-based paint and lead poisoning hazards. For a general overview of these rights and a good source of further information, please read the relevant section within The Offer.
