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Is my inspection report a guaranty, a warranty, or insurance?
NO! Your property inspection report IS NOT a guarantee that things won't break down or otherwise become problematic during escrow or at any time after the inspection took place. In many cases, people continued to live in and use the property on a daily basis for many days after the inspection, sometimes as long as several months when rent-back situations are involved. And for vacant residences, well, there wasn't anyone around to take care of things, so things deteriorated and fell apart. Things fall apart just as much from non-use as they do from daily use or from excessive use. So beware of conditions that might have been caused by the sellers during their move-out parties or because they simply believed that they didn't have to take care of things anymore since they were under contract with you to sell you the property. Sellers many times wrongly believe that they don't have to take care of things once they are in escrow with you. Pay special attention during your final walk-through and look for damage that was not visible or was not present at the time of the inspection. Consult with your Realtor now to determine your options for protecting your financial interest in the property, particularly if it has been vacant for any period of time. Your property inspection report also IS NOT a warranty on anything. Additionally, your inspection report IS NOT insurance of any kind. |
So probably the best thing you can do is to make sure that you get a good insurance policy covering everything about your house (roof, walls, foundation, plumbing, electricity, etc.) and everything in your house (dishwasher, heating and cooling system, etc.). Many sellers provide such a policy for their buyers, but note that sellers are inclined to buy the least expensive policy they can find. Be sure to read your insurance policy carefully and take immediate action if the policy is not acceptable to you. |
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