Illinois Termite Report Provision for Contract for the Sale and Purchase of Real Property
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How to fill out Termite Report Provision For Contract For The Sale And Purchase Of Real Property?
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FAQ
A contract of sale lists all the relevant information pertaining to the sale of a property, including such things as names and address of the buyer and seller, conditions of the sale and inclusions. Once signed, is a legally binding agreement between the purchaser and the seller.
A typical inspection contingency clause contains a time frame during which the buyer is allowed to have an inspection done and raise issues based on it. The seller then has a certain number of days to agree to lower the price or make repairs.
In Illinois, subterranean termites, or termites that nest underneath the ground, are most common. In nature, termites are beneficial, helping to speed up the decomposition of decaying trees and plants. However, inside homes and other buildings, termites are destructive.
VA Loan Termite Inspection CostsVA borrowers aren't allowed to pay for the inspection on a home purchase in all but nine states. Both home sellers and real estate agents have historically expressed concern over this limitation, which almost always results in the seller covering this cost.
The good news is that most termite inspections will only run you from about $75 to $150. Some pest control companies will waive this fee if they are hired for treatment, but this is not always the case.
Under VA home loan stipulations in most states, including Illinois, termite inspections are required in order to secure a loan on a residential property.
If a termite inspection is being conducted as part of a real estate transaction, there is usually cost associated because the inspection covers other wood-destroying insects. Typically, the seller will cover any costs associated with the service.
