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A standard
pre-purchase inspection covers a home's major mechanical systems -- electrical,
plumbing, heating and cooling--and its construction from roof to foundation,
exterior to interior. Overall inspections do not cover soil, pools, wells,
septic systems, building code violations or environmental hazards such
as lead. The inspection contingency in your purchase contract should allow
you several days to conduct an overall inspection plus any specialized
inspections you (or your lender) require. Most inspections cost several
hundred dollars. Specialized inspections usually involve an expert and
can cost more. Remember, repairs or remedies are negotiable; they also
can derail a deal.
In
addition to inspections obtained by the Buyer or Seller, Sellers remain
obligated to provide the Buyer with a written disclosure statement regarding
known defects. Purchasing a home "As Is" does not relieve the
Seller of their obligation to disclose all they know.
Type of inspection |
What it covers |
Cost/who pays |
Remedies |
|
Standard pre-purchase |
Overall home construction and condition, including major mechanical systems |
$200-$500; buyer |
Conduct further specialized inspections; repair |
|
Wood damage
(required by many lenders; check with yours) |
All wood portions of home (interior and exterior) |
$75-$200; negotiable |
Repair or replace damaged wood; treat for wood-destroying insects or organisms |
|
Lead
(disclosure required on all homes built before 1978) |
Presence of lead in paint, plumbing or other areas |
$400 for basic survey; negotiable |
Repair or replace affected areas |
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Radon
(disclosure of known elevated levels required) |
Presence of naturally occurring radioactive gas |
$150 for basic survey; negotiable |
Seal foundation cracks, install a sump pump; ventilate basement or crawl space. |
|
Environmental hazards
(asbestos, formaldehyde, petroleum, toxic chemicals) |
Presence of any substance in building material, soil, water or air that poses a health risk |
Price varies; negotiable |
Remove hazardous material, such as asbestos, or source of danger, such as a buried oil tank. |
|
Soil |
Condition of soil under and around foundation and retaining walls |
$300 to $2,000; negotiable |
Repair or treat problem |
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These
are estimated prices only.
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