Inspections often take place on almost every real estate transaction. If your a seller, you are often sitting on pins and needles waiting to hear what is discovered with the inspection – those 3-4 hours of being out of your home knowing someone is going through it just looking for issues can be extremely stressful. When you are purchasing, often during and after the inspection the rose colored glasses of excitement are often tainted with the feeling of how is this home evening standing with all of these things wrong. This often the least fun part of a home sale for both parties.
Inspections are used to really identify major health/safety concerns and to also have a better idea of what will need to be done to ensure proper maintenance of the home – kind of like a new owner guide. In the event work is to be done that turns out to be a health or safety concern, the language of the amendment is crucial. The term “licensed” should be incorporated into the language to help prevent future liabilities. For example, “Seller to have licensed electrician install GFI outlets in kitchen and will provide paid receipts prior to closing” rather than “Seller to install GFI outlets in kitchen”. This helps protect both the buyer and seller. The buyer can rest assured it was done by a professional rather than an “Uncle” that knows what he is doing. For the seller, it helps prevent future liability as they hired a licensed professional to do the work and there would be a paper-trail of the work performed in the event any future issues come up.
Small changes in contract language can mean a lot in how work is performed on the property. To protect all parties, be sure to have professionals perform the work and provide written documentation of work completed on the property.