Pre-purchase inspections are vital for people that would want to buy homes or cars. Most buyers are sceptical about pre-purchase inspections because they have to pay for the inspection. As you will learn in the excerpt below, the pre-purchase inspection is probably the most important aspect of buying property.
What Are the Benefits of the Pre-Purchase Inspection?
The pre-purchase inspection report helps improve your confidence when buying a house or car. It gives details about the condition of the asset you intend to purchase. As such, you will have a clear understanding of any expenses you might incur after buying the product. Remember that some defects can only be identified by experts. For example, it would be challenging for you to identify an overheating transmission during a test drive.
The report can help prevent future liabilities. For example, take a situation where a person bought a house with an illegal extension. He or she risks prosecution or financial losses if the extension later has to be demolished.
When Should You Ask for the Inspection
Most sellers consider pre-purchase inspection reports as a confidential document. As such, they can only provide it to customers that have shown reasonable interest in the asset on sale. For example, when buying property, the seller will allow a pre-purchase inspection after you sign the contract of sale. Read the conditions of this contract to ensure that you have a right to back out of the deal if the property has severe defects. Besides, the seller should be ready to conduct repairs.
Conducting the Pre-Purchase Inspection
Below are a few things to observe during the pre-purchase inspection:
- Inspections should be conducted by qualified, experienced and reputable professionals. Most inspectors have an insurance cover to protect you from liabilities caused by inspection errors and omissions.
- Attend the inspection. The inspector will show you the defects and explain the implications.
- It is difficult to find a house or car without a problem. As such, know when to ask for repairs or let go of the issue.
- Your lawyer should interpret any legal terms in the pre-purchase report.
- If the seller opts to conduct repairs, ask for a re-inspection to ensure the work is up to standards.
- Keep the report. You could use it when conducting future repairs or when selling the asset.
Do not let your emotions or the naked eye deceive you when purchasing an asset. Ask for a professional pre-purchase inspection to identify the condition of the asset and any defects that could hinder its functionality.