Foregoing a home inspection? Proceed with caution.

Foregoing a home inspection? Proceed with caution.

by | Jun 23, 2024 | First Time Home Buyers, Purchasing A Home

As a buyer, it can be tempting to forego all conditions. Financing, home sale, and home inspection conditions are the most common conditions. If you are considering excluding conditions, we urge you to reconsider.

It is no secret that our team at McMurter & Associates are strong believers in conditions when you are purchasing a property. A 100% firm offer means the purchase is final, and the buyer can’t back out of the deal.

We don’t like to operate with finality, especially if there is an option to protect our best interests in the case of a real estate deal not turning out to be the right choice.

What is a home inspection condition?

A home inspection condition allows the buyer the opportunity to hire a professional home inspector to ensure there are no major issues with the property in question. A professional inspector will tell you if there are issues with the foundation, the roof, the attic, or plumbing… just to name a few items the home inspector will look at.

If a problem is found, it can be dealt with in different ways, depending upon the advice of your realtor. As the buyer, if you are unsatisfied with the inspector’s report, you have the option to walk away from the deal.

A home inspection gives the buyer a line of sight to any current or future problems that the property is harbouring.

What happens when you forego a home inspection condition?

If you choose to forego a home inspection, you are buying the property “as is” and assuming all risk.

If there are major problems with the property and the buyer’s original offer did not have a home inspection condition included, the buyer can only back out of the deal with consequences. These consequences include losing your deposit, being responsible for the lost time of the seller, and more!

We discuss the other two most common conditions on our blog here.

If you have any questions before you purchase a property or before your search even begins, we would be happy to help with any real estate law concerns you have.

McMurter & Associates is here to help.

McMurter & Associates has been providing real estate legal services for over 30 years in the Durham Region. If you have any questions about your real estate transaction, we are available Monday to Friday, 9am until 5pm.  Email: info@mcmurter Phone: 905-666-9200