A Real Estate Inspection Contract is an agreement between a home buyer and a professional home inspector that outlines the scope of the inspection, the cost of the inspection, and the responsibilities of both parties. It is designed to ensure that the buyer is informed about the condition of the home and its components before closing on the purchase. The most common types of Real Estate Inspection Contracts are Home Inspections, Radon Inspections, and Pest Inspections. Home Inspections involve a thorough visual inspection of the home’s interior and exterior, as well as the major systems such as plumbing, electrical, and HVAC. Radon Inspections involve testing for radon gas, which can be hazardous to a home’s occupants. Pest Inspections involve checking for the presence of termites, carpenter ants, and other pests that can cause damage to a home’s structure.
Real Estate Inspection Contract
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FAQ
While VA loans don't require a home inspection, they always require a VA home appraisal. This special appraisal is not as in-depth as an inspection, but it will give you a good idea if the home is suitable for VA financing, which again means that it is safe, sound and sanitary.
Home Inspector Licensing To become a Virginia-licensed home inspector, the state requires individuals to: complete a state-approved 70-hour pre-licensing course; and. complete 25 home inspections under the direct supervision of a licensed/certified home inspector.
Statute of limitations. No action may be taken under this Act against a person licensed under this Act unless the action is commenced within 5 years after the occurrence of the alleged violation.
It gives the buyer and seller a period of time to negotiate any repairs or purchase conditions based on what the home inspector found. Typically, you have a 10-day inspection period (contingency period) that allows for these negotiations to take place.
Any action must be commenced within one (1) year from the date of the inspection.
Depending on the size of the home or if there are any issues that need to be addressed, an HQS inspection typically takes between 15 to 30 minutes to complete.
Contingencies can include details such as the time frame (for example, ?the buyer has 14 days to inspect the property?) and specific terms (such as, ?the buyer has 21 days to secure a 30-year conventional loan for 80% of the purchase price at an interest rate no higher than 4.5%?).
inspection agreement should be signed by clients before a home inspector performs an inspection. inspection agreement sets clear expectations and protects the home inspector against future claims and disputes. Key elements for preinspection agreements are included in the contract.