Writing an
Offer - Safeguards Regarding the Property
Disclosures
From the Seller
Although you
have toured the property, looked at the walls and ceiling,
turned on the faucets and played with the light switches,
you have not lived in it. The seller has years of knowledge
about his or her home and there may be some things you
want to find out about as quickly as possible. For this
reason, you will require certain disclosures as part of
your offer.
Basically, you
want the seller to disclose any adverse conditions that
may have a substantial impact on your decision to purchase
the home. This would include any problems with the house,
whether the property is in a flood zone, a noise zone,
or any other kind of hazardous area.
If you have
an agent representing you, this is almost automatic, but
many states do not require individuals selling their own
home to provide you with this information. Often they do
not require banks selling foreclosed property to provide
these disclosures, either. Obtaining these types of disclosures
should always be a part of your offer, and time is of the
essence.
Back
to the top
Condition
of the Property
The last thing
you want when you assume possession of your new home is
to find it in a total mess. Therefore, you should make
it clear in your offer that certain minimum standards are
required. If you do not, you might find out the seller
or neighbors have begun using the back yard as a trash
dump, or something worse ¿ and you would not be able to
do anything about it.
Some of the
requirements you might want to include in your offer are
that the roof does not leak, the appliances work, the plumbing
does not leak, that there are no broken or cracked windows,
the yard has been kept up, and any debris has been cleared
away.
Back
to the top
Inspections
You Should Require
Besides appraisal
and the termite inspection, you should also have a professional
go through the house and seek out potential problems. Of
course, you will have inspected the home, but you are not
used to looking at some things that a professional will
find. Even if they are not things the seller is expected
to repair, at least you will have foreknowledge of any
potential problems.
The seller will
want this inspection performed quickly, so that you can
approve the results and move forward with the purchase.
Once you receive the inspection, you will want to allow
yourself sufficient time to review and approve the report.
If you do not approve the report, you may negotiate with
the sellers on which repairs should be performed and who
should pay for those repairs. Otherwise, you can cancel
the purchase without penalty, provided you have included
timetables in your offer.
Allow a maximum
of ten to fifteen days to receive the report and five days
to review it.
Back
to the top
Final
Walk-Through Inspection
Before closing,
you will want to revisit the property to ensure it is in
the condition you have required in your offer, and to inspect
that any required repairs have been performed. You should
do this no sooner than five days before you intend to close.
Make sure this right to do a final inspection is included
in your offer to purchase the home.
Back
to the top
