So, you found a property you want to buy? Do not purchase it immediately no matter how many other buyers the realtor tells you there are who are lined up to take the property off the market. A property is a good investment only if it is one that will not fall apart in a few days or a few years due to poor construction, pest infestation, and the like.
The best thing to go about buying a property is to enter into a conditional contract wherein the buyer and seller will stipulate or agree that the buyer will only purchase the property if it passes the building inspection that such buyer will have a third-party perform on the property. This way, the buyer can be sure that he or she is making an informed decision.
Third Party Inspection
It is important that a third-party will inspect the property to avoid self-serving reports. That is, if the realtor will provide a team who will inspect the building, it is more likely that the inspector will come up with a biased report in favour of the realtor. Hence, the only way to do it is to have a professional building and pest inspection team perform the job. This way, the report that will be provided after the inspection is accurate and it will be a good basis in making a decision.
A buyer’s decision to buy the house may change upon reading the report that the inspector delivers to you. A buyer may find that the property is poorly constructed or infested with pests. A conditional contract will give the buyer the advantage of terminating the contract because the report shows that the property is not what the realtor is promoting it to be. The condition will, of course, be that the buyer will not push through with the purchase should the report show that the property is not desirable (i.e. poor construction, pests, rotting subfloors, etc.). If the condition arises, the contract should be terminated.
Licensed and Insured Professionals
As a final caveat, the buyer must also make sure that the building inspection will be done by a party holding license and who likewise carry a Professional Indemnity and Public Liability Insurance. This way, the inspector can be held liable for any inaccuracy in the report such as if the inspector failed to perform a thorough inspection. The buyer will be relying heavily on the inspector’s report. Hence, such inspector must be sure that he or she will perform a professional service.