Residential Real Estate · Commercial Real Estate · FAQs – Real Estate
What happens during the Home Inspection period?
Under most form New Jersey real estate contracts prepared by licensed real estate agents, Buyers have the right to conduct home inspections, which include termite, radon, septic, oil tank, and general home inspections. Sellers want to sell their house “AS IS”, which means that Buyers only get what the Seller currently has. This is why it is important for all Buyers to conduct home inspections so that they are aware of what the “AS IS” condition of the home might be.
This does not mean that the Sellers have to do nothing. Usually, Sellers must have all major appliances in working order. That means if the stove, refrigerator, microwave, washer or dryer is not working, Sellers must have them repaired before closing of title. Also, Sellers usually must ensure that the plumbing, electrical, heating, and air conditioning systems are in working order and that there are no leaks or seepage in the roof, walls, or basement/crawlspace. The “AS IS” condition of the house includes the fact that these systems and appliances are working and that they will work at closing.
When Buyers conduct their home inspections, it is important that they read the inspection report “cover to cover.” Buyers should be comfortable with the house they are purchasing. If there are major problems with the structure, Buyers have the right to request that repairs be made or, in some instances, ask for a repair credit at closing. Buyers should be aware, though, that Sellers are not obligated to make any of the requested repairs or offer or agree to any repair credit. What will ensue is a negotiation process between both parties’ attorneys. Once the parties reach an agreement in resolution of all home inspection issues, the transaction can move forward towards closing.
This process can be daunting and difficult. A Toms River attorney here at Costanzo & Russom Law Groupm can assist you and make this process as painless as possible. With our experience here at Costanzo & Russom Law Group, we can help you bring your real estate transaction to a smooth, and hopefully uneventful closing. Contact us now for a free consultation!
NOTE: This page is for general information only and is not to be relied upon. You should consult a Toms River attorney so that we can help you successfully close your real estate transaction.