Professional home inspections
Many purchasers decide to make their offers conditional on receiving a satisfactory home inspection by a professional home inspector. This can be especially important if you are buying an older home.
Professional home inspectors will thoroughly check the home for defects, and assess what kinds of repairs may be required in upcoming years. This will include the quality of the roof, the plumbing, the insulation, and the electrical, heating, and cooling systems. If you purchase a property conditional on receiving a satisfactory home inspection and the inspection reveals problems, you will have a legal right to terminate the contract to this effect. Some purchasers who find problems will negotiate a reduction in the purchase price to cover the cost of repairs instead of cancelling the agreement, although the seller has no obligation to accept this.
To have a right to conduct a home inspection, you must include a specific written provision into the offer to purchase to this effect. In many areas of Ontario, there are commercial inspection services and home owners associations who will perform a full home inspection for you. The fees typically range from about $300 to $400, depending on your area and the type of home. Since these services are not closely regulated, we can refer you to a reputable company. This inspection can usually detect leaks, roof problems, mould, structural problems and other visible latent defects, which may impact on the decision to continue with this purchase or impact in the negotiationn of a decrease in the sale price.