The role of a building inspection
In the real estate craze that we have just experienced, many buyers have undertaken to buy a house without doing a building inspection. This practice has brought a lot of serious consequences. Take the time to fully understand the implications and importance of conducting an inspection before selling or buying a property.
What is a building inspection for?
The role of a home inspection is to examine a property to assess its general condition and identify any potential or existing problems. Generally, this step occurs following an accepted promise to purchase. The promise to purchase forms provided by your real estate broker will include an inspection clause, so it will be important to indicate that your promise to purchase is conditional.
Role of the building inspector
The role of the home inspector is to provide a complete and unbiased appraisal of the property so that the buyer can make an informed decision whether or not to buy. In other words, following the production of the inspection report, you will have the option of accepting the house as is, negotiating or withdrawing from the promise to purchase.
During the inspection, the inspector will examine in detail the structure of the property, the electrical, plumbing, heating and cooling systems, the roof and other key components. He will look for any signs of damage, wear, or potential safety hazards. He will also note any repairs or improvements needed to bring the property up to standard.
The inspector will provide a written report detailing his findings, including any recommendations for repairs or improvements. This report can be used as a negotiating tool between buyer and seller to determine who is responsible for repairs or whether the purchase price should be adjusted.
In summary, the role of the home inspector is to provide a thorough and objective assessment of a property to help the buyer make an informed decision on their purchase. .
Having a building inspection of the property you are interested in is strongly recommended. For your protection, the OACIQ has entered into agreements with various associations of building inspectors who have agreed to respect pre-established criteria. Your broker has an obligation to recommend that you do a building inspection.
The building inspector must:
- Hold professional liability insurance against fault, errors or omissions in order to compensate you, if he ever commits any in the context of the building inspection. (Written proof is the best way to make sure he has one.)
- Perform building inspections in accordance with a recognized standard of practice that provides minimum guidelines, defines specific terms and standardizes reporting.
- Use a recognized service agreement that specifies the nature, scope and limits of the services offered by the inspector, as well as their costs. It could also include a clause committing you to read the inspection report carefully and to ask your questions to the inspector, in order to fully understand its content.
- Give you a written report, which is essential to obtain an assessment of the condition of the coveted building, and thus help you make an informed decision.
Negotiate following the results of the building inspection
Negotiating after a home inspection can be a difficult but important part of the home buying process. Here are some steps you can take to negotiate effectively after an inspection:
Carefully review the inspection report and make a list of all the items you would like to negotiate. Prioritize items based on their importance to you and their potential impact on property value.
Communication is key!
The broker representing you will contact the seller or their broker to discuss your concerns and negotiate repairs or price adjustments.
Be open and honest about your concerns and try to find common ground with the seller.
Keep in mind that not all elements of a home inspection report can be negotiated. Some repairs may be too expensive or take too long, while others may be beyond the seller’s control. Be realistic about what you can expect to negotiate and what is unreasonable to ask.
Consider a compromise.
If the seller is unwilling to make certain repairs or price adjustments, consider a compromise. For example, you could agree to split the cost of repairs or do the repairs yourself after the sale is made. However, be aware that the seller is not obliged to negotiate. You will then have to accept the house as is or withdraw from the transaction.
Seek professional help
Seek help from a real estate broker. The brokers are equipped to negotiate for you.
Remember to be patient and respectful during the negotiation process and try to keep the big picture in mind. The goal is to find a mutually acceptable solution that allows you to buy the property you want at a price that suits you.
Keep in mind that your broker is trained and has forms designed by the OACIQ to allow you to be adequately protected throughout the negotiation process. If you would like to know more about the role of real estate brokers, the OACIQ has set up the GUIDE DU VENDEUR and the BUYER’S GUIDE. Consultation of these documents is strongly recommended to anyone wishing to make a real estate transaction.
Contact Matthieu Pépin, Real Estate Broker in Sherbrooke, for human and professional support. It is there to serve your interests.
Matthieu Pépin, Real Estate Broker Sherbrooke