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Financial Learning Center


The Closing

Home Inspection

You should have a home inspection performed; get this done as soon as possible after your contract to buy is signed. You most likely included "subject to" clauses in the contract. Now is the time to get rolling on this (budget $300 to $500 for the inspection). Plan to accompany the inspector on his or her tour of the property; it is a good opportunity to learn more details about what you're buying (many of them likely to be positive). If the report comes back with negative comments, or items that need repair, decide with your lawyer how you'll pursue this with the seller. Generally, the inspection helps protect you against major defects in the home. Get as much repaired by the seller as you can, or negotiate a reduction in price for you paying for them ... but if all that comes up wrong are minor items, think twice about pushing too hard. Be reasonable! Don't let the repair of that sticking toilet valve kill the deal when you've worked so hard to get this far.

SUGGESTION: The general rule of thumb is that repairs required in excess of $100 be taken care of by the seller. Minor items of a lesser amount are let go, although health issues, such as asbestos or radon, should always be corrected regardless of the cost.

Pest Inspection

The results of your pest inspection will be more cut-and-dried. You either have infestation or you don't. If you do, the lender will not go further with financing until the matter is corrected.
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