All homes are sold in “AS IS” condition. If desired, a buyer is responsible for hiring and paying for a home inspection.
The time frame, usually within 10-14 days of a fully signed contract, will be specified in the contract of sale, but can be modified by agreement of both parties during attorney review.
Several inspections are common in New Jersey residential real estate transactions. They include:
- inspections for termites and wood-boring insects
- radon inspection
- mechanical, electrical and structural inspections.
In certain instances, there may be other more specialized inspections which might have to be performed.
Inspections for a single-family home typically take two or three hours, and only the buyers and their agents attend.
A report will be prepared, detailing whether certain repairs and/or replacements are necessary to be performed immediately, and make you aware of those which are likely to be required. The buyer may choose to address any or all of the issues in the report.
The buyers’ requests for repairs are typically communicated to the sellers through the attorneys.
You should carefully review the buyers home inspection repair requests with your attorney at this time.
Your options, time frames, and other details are discussed in the purchase contract or as agreed upon during attorney review. If no “meeting of the minds” can be reached regarding the inspection issues this is the only time, after attorney review is concluded, that the contract can be cancelled and no penalties incurred.