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14 Questions To Ask Your Realtor |
SURVEYS If the purchaser is obtaining a loan and the property is not a condo, a survey will be required. The survey will be ordered by the settlement agent. A house location survey, without corner markers, will be sufficient; but if you would like the markers, request this through the settlement office. The settlement agent will review the survey for anything that might affect the validity of the seller's title. Items included on the survey are: location of fences, driveways, decks, outbuildings, and any other improvements to the property to be sure that there are no encroachments onto neighboring property and vice versa. The cost of the survey is typically from $200 to $250. You will receive a copy of the survey at settlement. Marking the corners of your property will cost $50 to $75 per corner. HOME INSPECTIONS Most contracts are contingent on a home inspection which is usually done by a professional inspector who is hired by the purchaser. The home inspector will make a detailed inspection of the home and prepare an evaluation listing any defects found in the structure, utility systems, and appliances. If problems are found, the buyer is not obligated to proceed with the purchase unless the seller agrees to correct the problems. Home inspections usually cost from $150 to $200 and are well worth the investment. Your real estate agent will be able to recommend an inspector who has provided good service in the past. TERMITE INSPECTIONS The seller is obligated to provide a termite inspection report showing that the property is free from termites and other wood destroying insects. The listing agent will generally order this inspection, and the cost will be charged to the seller. These inspections usually cost around $45. A copy of a clean termite inspection report is required before the lender will release the documents for closing. WELL & SEPTIC INSPECTIONS If the property you are buying uses a well and/or septic system, your contract will require the seller to provide certificates that the water is potable and the septic system is functioning properly. These inspections will also be required by the lender. The cost is about $50. WALK THROUGH INSPECTION your contract will provide for a walk through just prior to settlement to determine that the condition of the property is as it was when the contract was signed. Normally, both the listing and selling agents will be present, and this should take about an hour. Any discrepancies will be listed and plans made to correct them. |
Presented to you by:
Risa Saltman, RE/MAX Town & Country Realty, Inc., 1315 Tuskawilla Rd, Orlando (Winter
Springs) Fl 32707 407-695-2066