Part 4 in our series on;
What’s new in Residential Real Estate in North Carolina?
A whole new revised offer to purchase contract as of January 1, 2011
We started this series on What’s new in the NC Offer to Purchase Contract as a result of questions we’ve been getting since the new forms were announced.
Next in our series let’s answer the question:
What inspections should we
consider having done during the
due diligence period on the home
we want to purchase?
One of the most important elements of the new NC offer to purchase contract is what needs to be done during the Due Diligence Period. As the buyer one of these options is that you have an opportunity to inspect the property both inside and out. We highly recommend a licensed, bonded, ASHII certified home inspector be used.
A home Inspection will determine the condition of the property and assure that anything electrical, mechanical, or structure within the home is in adequate working condition and that it meets all appropriate NC Residential building codes. Your home inspector will also investigate any improvements that have been done on the home, as well as look for the presence of unusual drainage conditions or evidence of excessive moisture which might adversely affect the home.
All in all your home inspector will give the home your considering a full review and provide you with a well written report with their findings.
Your home inspector may also provide an in house monitoring device to test for radon gas too.
If the property is on a well and septic system, you will have the opportunity to have those systems inspected too.
You may also elect to have the home tested for lead base paint, asbestos or other environmental contamination. Homes built prior to 1978 will require a lead base paint addendum.
There’s a saying around the Triangle that it’s not a question of IF you’ll get termites (or other wood destroying pests) but WHEN. So it’s also highly recommended that you have a pest inspection completed within your due diligence time frame. The pest inspector will check the home from top to bottom, for evidence of wood-destroying insects, active or dormant and report any signs of past/present damage. *In some cases the sellers may have a warranty already on the property in which case it’s a good idea to continue with the company that has that warranty.
So as you can see there are more reasons than ever to consult a full service experienced REALTOR® when considering purchasing a property with the new Offer to Purchase contract in North Carolina.
Contact us if you have any questions or even if you just would like to hear more about the new NC Offer to Purchase Contract and addendums