Real Estate Attorneys Manalapan NJ

Should I Waive Inspections?

Buying a home can be simultaneously exciting and nerve-wracking. Inspections are one part of the closing process that causes distress to buyers and sellers alike. The temptation to skip a home inspection may be enticing, especially when it creates another expense, but inspections may protect you in the home buying process. 

A home inspector will examine the structure of the house, check that any major appliances are working properly, and ensure the safety of the plumbing and electrical systems. Typically, these inspections will cost between $400-$800 and will occur after a seller accepts a buyer’s offer, but before the closing. The inspector will provide a report based on their view of the home’s condition. 

An inspector’s report may reveal significant, costly issues with a home. These additional repairs or costs can make a buyer reluctant to follow through with the purchase. The inspection clause typically gives the buyer the opportunity to request that the Seller repair the condition or provide a credit for same. In this way, the inspection protects buyers in the final critical stages of purchasing the property and can forecast the future costs a buyer may be burdened with. In the same vein, an inspection may reveal significant safety hazards the home could have such as mold, carbon monoxide, and structural defects. Not only could this save buyers money in repair costs, but it could also prevent buyers from injury or illness. 

Inspections can also expose any illegal additions or installations on the property. For example, if an addition was made to a home without proper permitting, the buyer could face property tax issues, insurance issues, and an unforeseen drop in value. Buying a home is an investment, and an inspector can help buyers understand whether the investment is a stable one. 

Before you waive inspections give our experienced real estate attorneys a call at 732-490-1777 to ensure that your rights and your future home are protected.

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