A property may be inspected for various reasons in the course of purchasing or owing a home. These inspections can be used to evaluate a home for financing reasons, to reveal defects in its conditions and to assess liability risks. Below we will discuss the various inspections that purchasers and homeowners should be familiar with when purchasing or refinancing a home.
Inspections by lending institutions. A lending institution requires various inspections to be completed when you purchase or refinance a home or a buyer purchases your home. For starters, almost all banks mandate that an appraisal be conducted to determine the fair market value of the property. Banks engage third party appraisers to ensure that they are not providing a loan that is too large with respect to the property’s value and to identify substantial and material issues in the condition of the home. For commercial property transactions, other inspections might also be necessary. This includes an environmental inspection to assess whether there are environmental dangers on the property such as asbestos, lead, or mercury. Certain properties may also be subject to walk-through inspections. These are typically conducted in sales of commercial, retail and multi-family properties.
Inspections by other parties. Purchasers have the right to inspect property to ensure that they are adequately informed about the condition of the property. There are many different inspections that a prospective buyer may conduct. Most purchasers choose to have a general home inspection. This type of inspection typically includes an examination of the foundation, electrical work, HVAC, heating, plumbing, windows and roof. The inspector makes recommendations based on his observations. The buyer can additionally conduct more specialized inspections, such as radon and termite inspections. If the buyer has an area of concern regarding the house that is not addressed in a general inspection, he can hire other experts to investigate these issues.
Inspections by insurance companies. Insurance companies also conduct inspections on the exterior and interior of the property. The insurance company inspection is designed to establish its liability risk in providing insurance to the homeowner and to verify that the requested insurance policy is appropriate for the property. The inspection may also identify pre-existing issues that the current carrier would not be liable for if a claim was filed.
The experienced team of attorneys at the Law Offices of Mark Weinstein, P.C. can help you litigate your real estate claims. Contact Mark Weinstein and his colleagues at (770) 888-7707 or visit them at http://www.markweinsteinlaw.com to find out how they can advise you.