MENU
MENU
The party that is responsible for paying the home inspections is negotiable.
There are a variety of factors that can determine who covers the costs, how much the buyer or seller will pay and the contingencies wrapped around them.
Knowing the market and understanding the other party can help you negotiate favorable terms.
The price of full home inspections can range from $250 – $550. A full home inspection can some times include termite and dry rot inspections. Purchased separately, a termite and dry rot inspection can cost about $65 – $85. Other inspection fees: Sewer Line $150 – $300, Radon $400 – $500, Mold $500 – $600 and Lead-Based Paint $300 – $500.
If you’re the Seller and agree to pay for the inspections, you’ll want set a cap.
For example, when the buyer asks you to pay for inspections, you could set a maximum reimbursement of $400 – $500. Without a cap, you’re leaving yourself open to a hefty tab.
Now, if you’re the Buyer, you’ll want to set the cap high. Any amount above the cap, will be your responsibility to pay.
Regardless of who pays for the inspections, the Buyer has the right to choose who they want to conduct the inspections of the home. The Seller does not have a say. Learn how to choose a home inspector.
There are three primary deadlines:
The Delivery Deadline is the timeframe you have to receive all inspection reports. Reports received beyond this deadline will not be valid for use in your objections to findings.
Next, the Objection Deadline is the day you just submit your objections, resolutions and waivers. If you fail to send your objections by the specified deadline, you could forfeit your option to have repairs made to the home.
Finally, the Resolution Deadline is time allotted to the Seller to respond with how they will resolve the Buyer’s objections.
This is where you refer to the terms agreed to in the purchase agreement. If the Seller agreed to reimburse the Buyer at closing, then the Buyer is responsible to pay since the transaction did not close. If the Seller did not require the Buyer to pay in advance with a reimbursement at closing, then the Seller is stuck with the tab.
Need help or have questions? We are available to assist and answer any questions that you have.
We are available to help. Call, text or e-mail us today:
A single website is a good service. A single website connected to a network is an invaluable resource. Visit some of our local real estate websites:
Share This Page
ARE YOU AWARE OF THE
