Closing
Real Property Report (R.P.R.) and Inspection
Real Property Report (R.P.R.)
The survey is a diagram of the location of the home on the lot, as prepared by a certified land surveyor. You must ensure that the seller has an accurate, up-to-date survey so that your lawyer can make the proper municipal zoning inquiries. If no R.P.R. exists or the R.P.R. is not accurate and up-to-date, this should be the subject of negotiation and should form part of your offer.
Inspection
If your new car turns out to be a lemon, not only is it a headache, but it could cost considerable money to set things right. If your dream home turns out to be a nightmare, you could be facing huge expenses - money you may not have after making the biggest single purchase in your life.
Why do people take a mechanic for a test drive before buying a used car, but spend much more on a home based only on a quick tour? One reason may be that, until recently, it hasn't been all that easy to find a knowledgeable professional who can make a detailed assessment of each of the systems and components that can go wrong in a house. A carpenter moonlighting as an inspector would probably check all the structural elements but walk right past a deficient furnace or a soon-to-be-leaking basement caused by improper grading.
Professional home inspection, backed by a national association, is an industry that has become increasingly involved in residential real estate transactions over the past few years.
So how do you find a professional home inspector to help you make an informed decision prior to buying? Ask your for recommendations. You may only buy one house in your lifetime, but s are involved in home purchases every day and come to know who does a competent and professional job. Ask your prospective home inspector for references from recent clients. Ensure the inspector is a member of a reputable industry association. In addition, ensure the inspector carries errors and omissions insurance. Not only does this give you an extra level of protection in case of future problems, it is also a test for good inspectors. (Those without specialized training either cannot obtain the insurance or can't afford it because the rates are higher for those with lower credentials.) Finally, to avoid the possibility of conflict of interest, avoid any inspector who offers to do necessary repairs or who is involved in any way in real estate or home repair. Professional home inspectors stick to inspections.
Find out if your lending institution has any specific tests it requires before it will approve your mortgage to you.