There are many terms of a purchase agreement to buy a home that may slip by the home buyer or seller. The one that hits sometimes very late in the process is the termite inspection and repairs. This item is often left to the last week of the transaction and sometimes presents major surprises.
Many buyers and sellers, especially in the current economy, are tight on funds needed at the close of escrow. The Termite Inspection is inexpensive, however, the repairs can add up to hundreds and even thousands of dollars. The home may need to be tented and have physical repairs made prior to closing escrow.
It is essential to know who is responsible for these repairs. The contract will spell out the responsible party but doesn't guarantee that the funds will be available. This is the responsibility of the party that is required to pay. It is wise to get this inspection completed at the beginning of the escrow to assure both parties that the condition is acceptable and funds are available.
Relocation to Southern California? Consider Valencia, Stevenson Ranch & Santa Clarita, California!
Your Friend & Realtor,
Tony Lewis * RE/MAX of Valencia, Ca. www.TonyLewis.com tonyglewis@yahoo.com 661-702-4720
Comments(0)