Get to know your new home.
Nearly all residential sale contracts provide for the purchaser to conduct inspection(s) of the property before finalizing the purchase. The Standard St. Louis Residential Sale contract provides for a building inspection contingency for the buyer of the property. This is one of the most important sections of the contract and most of the time the owner is not even aware of an adverse condition until the inspections are complete.
The provision allows the purchaser to have a professional(s) conduct an inspection of the property including but not limited to, environmental hazards; termite and wood destroying insect infestation and damage; plumbing; including water, well, sewer, septic and waste-water treatment systems; roof and other structural improvements; heating and air conditioning systems and equipment; electrical systems and equipment; swimming pools and equipment; chimneys, flues and gas lines; basement leaks and exterior drainage; and mechanical equipment, including appliances.
Once the inspection(s) is complete the buyer then has the option of accepting the property as is, requesting repairs, or terminating the contract entirely.
We always recommend fully utilizing the inspection contingency as it not only provides for any possible unacceptable conditions but is provides future maintenance and repair suggestions. Typically a buyer spends between $400 and $900* for inspections.
*costs for inspections are estimates only and for residential inspections only and depend on factors such as the inspection company(s), the property value and type, scope, and other factors. All qualified inspectors provide an estimate prior to conducting any inspections.
