When a real estate purchase contract is approved and signed by both parties, the buyer is provided a time frame, usually 10 to 15 days, in which to conduct various inspections and perform their due diligence concerning the property and neighborhood.
It is during this period the buyer, upon discovering needed repairs about the home they would like to purchase, can request the seller repair, replace or reimburse the buyer for the cost of the needed repairs.
There are various types of inspections the buyer can and should conduct during the inspection period. They include but are not limited to:
- Home inspection
- Wood destroying insect inspection report (termite report)
- Mold inspection
- Radon testing
You have free articles remaining.
Due diligence can include all the concerns that a buyer may have about the city, neighborhood and perhaps the street the home is located on. Types of due diligence considerations are:
- Crime statistics
- The proximity of sex offenders
- The proximity of hazardous waste dumps
- Train noise (this is especially true in our town)
- Airplane and highway noise
- Proposed zoning changes by the city or county
Due diligence examinations generally do not require a professional investigator. Answers to many of the issues that may concern a home buyer can be found on the internet and be determined quite quickly. Buyers can visit the neighborhood and talk to neighbors to get a feel of what they can expect when they make their move.
During the inspection period the buyer must consider all the issues that may present themselves concerning the property and the area. Upon evaluating their findings, the buyer can then proceed with the purchase or cancel the contract. A good source of information for buyers is a document entitled “Buyer Advisory”. It is a resource for real estate consumers provided by the Arizona Association of Realtors. If you would like a copy; send me an email and I will be happy to forward it to you.