Any number of comprehensive examinations by a licensed inspector to help borrowers understand the current state of the home they are purchasing.
Inspections include any number of comprehensive examinations of a home by a licensed inspector, including pest, roof, well, and septic inspections. These inspections are to help borrowers understand the current state of the home they are purchasing.
If significant defects or health and safety concerns are “called out” by the inspector, the lender will require they be repaired prior to closing, sometimes regardless of whether the purchase transaction is “as is.” See inspection contingency.
We are often unaware of many inspections that occur unless they are written in the purchase contract. Inspection arrangements are coordinated between the buyer and agent, and we are not involved. That being said, we will need to obtain copies of any inspections referenced in a purchase contract. Costs incurred by inspections and/or repairs are negotiable between the buyer and seller.