We’re continuing our look into offer conditions. Now that you’re familiar with the financing condition and status certificate condition, here’s a closer look at the home inspection condition.
A home inspection is a visual examination of the home’s major structure, systems, and components including:
The main goal of a home inspection to report on the condition of the home at the time of purchase. An inspector is looking to identify any potential problems and safety concerns.
Home inspectors will write you a written report that pinpoints both major defects and minor problems of a property. They will also give you suggestions on how to deal with some of those defects.
In reality, every home, even brand new ones, will have some sort of defect …but it’s the major defects, those items that will cost you thousands of dollars that you should be most concerned with. The minor items can be attended to in due time.
If a major defect has been identified, the buyer has a couple of options of what they can do.
In a hot market like Toronto, many times the sellers will provide buyers with an inspection report of the home to receive offers without conditions. It is the discretion of the buyer as to whether or not they will accept this inspection or conduct their own inspection. However, if there is a bidding war and you choose to do your own inspection, you may be doing this on a home that you ultimately don’t own if you don’t win the bidding war.