US Legal Forms
Real Estate Inspection Contract

Real Estate Inspection Contract

Name: Real Estate Inspection Contract
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.84 (231 reviews)

Category:

Contracts - Inspectors or Inspections

State:

Multi-State

Control #:

US-C-IOI-02485

Format:

Instant download

Description

Contract where Client retains the Company to perform a limited visual inspection of the residential structure. A Real Estate Inspection Contract is an agreement between a home buyer and a professional home inspector that outlines the scope of the inspection, the cost of the inspection, and the responsibilities of both parties. It is designed to ensure that the buyer is informed about the condition of the home and its components before closing on the purchase. The most common types of Real Estate Inspection Contracts are Home Inspections, Radon Inspections, and Pest Inspections. Home Inspections involve a thorough visual inspection of the home’s interior and exterior, as well as the major systems such as plumbing, electrical, and HVAC. Radon Inspections involve testing for radon gas, which can be hazardous to a home’s occupants. Pest Inspections involve checking for the presence of termites, carpenter ants, and other pests that can cause damage to a home’s structure.

A Real Estate Inspection Contract is an agreement between a home buyer and a professional home inspector that outlines the scope of the inspection, the cost of the inspection, and the responsibilities of both parties. It is designed to ensure that the buyer is informed about the condition of the home and its components before closing on the purchase. The most common types of Real Estate Inspection Contracts are Home Inspections, Radon Inspections, and Pest Inspections. Home Inspections involve a thorough visual inspection of the home’s interior and exterior, as well as the major systems such as plumbing, electrical, and HVAC. Radon Inspections involve testing for radon gas, which can be hazardous to a home’s occupants. Pest Inspections involve checking for the presence of termites, carpenter ants, and other pests that can cause damage to a home’s structure.

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FAQ

inspection agreement should be signed by clients before a home inspector performs an inspection. inspection agreement sets clear expectations and protects the home inspector against future claims and disputes. Key elements for preinspection agreements are included in the contract.

Contingencies can include details such as the time frame (for example, ?the buyer has 14 days to inspect the property?) and specific terms (such as, ?the buyer has 21 days to secure a 30-year conventional loan for 80% of the purchase price at an interest rate no higher than 4.5%?).

Depending on the size of the home or if there are any issues that need to be addressed, an HQS inspection typically takes between 15 to 30 minutes to complete.

Any action must be commenced within one (1) year from the date of the inspection.

It gives the buyer and seller a period of time to negotiate any repairs or purchase conditions based on what the home inspector found. Typically, you have a 10-day inspection period (contingency period) that allows for these negotiations to take place.

Statute of limitations. No action may be taken under this Act against a person licensed under this Act unless the action is commenced within 5 years after the occurrence of the alleged violation.

Home Inspector Licensing To become a Virginia-licensed home inspector, the state requires individuals to: complete a state-approved 70-hour pre-licensing course; and. complete 25 home inspections under the direct supervision of a licensed/certified home inspector.

While VA loans don't require a home inspection, they always require a VA home appraisal. This special appraisal is not as in-depth as an inspection, but it will give you a good idea if the home is suitable for VA financing, which again means that it is safe, sound and sanitary.

More info

Paragraph 7A of the TAR contract allows for the buyer to purchase the property "as is" or to require certain seller repairs as part of the contract provisions. Property Inspection Report.Property Inspection. Agreement. 214-616-0112. The inspection of a home can take place as soon as the last party (typically the seller) has signed the contract agreeing to all terms. A home inspection contingency gives you the right to schedule a home inspection prior to close as a condition of the purchase agreement. Many agents argue that inspections are still allowed under Paragraph 7 of the contract whether there is an option period or not. An active option contract means the seller has accepted an offer to sell their property. On average, a home inspection will take 2 4 hours to complete. How to negotiate repairs after home inspection on TREC contract - Amendment to Contract in Texas. First, it's important that you read your purchase contract carefully and determine when the deadline is for your home inspections to be complete.

Real Estate Inspection Contract

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What is a pre inspection agreement?

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How long does a home inspection take in Virginia?

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What is the negotiation period after home inspection?

What is the statute of limitations on home inspections in Illinois?

What are the requirements to be a home inspector in VA?

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