Gateville Law Firm is an real estate law firm, which services the Yorkville, Naperville, and Shorewood and their nearby communities such as Plainfield, Aurora, Montgomery, Naperville, Romeoville, Bolingbrook, Joliet, Minooka, Oswego, and Crest Hill. We operate virtually and our real estate staff operate virtually by using the latest technology to service our customers. The attorneys and professional staff at Gateville Law Firm provide their customers top-notched customer service. The home inspection process is a critical phase of the real estate purchase process.
What is a home inspection?
A home inspection is when a qualified and licensed professional evaluates a seller’s home or condo to determine what are the major issues. Generally, the home inspection occurs after the real estate purchase agreement has been accepted. The buyers pay for the home inspection, which is part of the due diligence part of the real estate closing process. The home inspection is the first step of the house closing experience. The purpose of the home inspection is to examine the condition of the house or condo that the buyers are purchasing.
According to the Multi-Board Residential Real Estate Contract 7.0, Professional Inspections and Inspection Notices details the obligations and role of the home inspection. In summary, the Multi-Board Residential Real Estate 7.0 explains the rights and duties of buyers and sellers involved in the home inspection process. The home inspection process is an important process in a real estate transaction.
Home inspections identify major items involving safety concerns and inform the buyer on the condition of the house or property. The condition of the house, whether it is a used house or a new construction house, should be a consideration in setting the purchase price. Generally, a home inspection highlights the major areas of concern including the following:
- Central Heating System(s)
The purpose of a home inspection is not to re-negotiate the purchase price of the house. A used house will have defects because it is a used. Home inspections inform buyers and sellers on the condition of the house. Thus, the home inspection is designed with the purpose of identifying the major items, which are not obvious to the human eye. Often, the buyer’s attorney will ask the sellers to fix certain items.
Effective and experienced real estate experience is critical during the home buying or condo buying process. The negotiating period of the home inspection is an important period. A real estate transaction can be re-affirmed or destroyed during the home inspection process. On the other hand, buyers and sellers have important legal rights to protect. Investing in real estate, or purchasing a home is a major financial investment which requires an experienced legal team of real estate closing professionals.
EXPERIENCED REAL ESTATE ATTORNEYS AND STAFF
In conclusion, Gateville Law Firm are your experienced real estate legal professionals. Our team of attorneys and support staff are experienced in real estate transactions and many have worked for title companies and other law firms handling real estate closings. Gateville Law Firm may be reached at 630-780-1034 or via online contact form.