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Closing Process |
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~How to Close ?~ |
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The closing process is a
critical transaction point.
Before you close, there are some
pre-closing items need to go
through: a home inspection(or
not), a termite inspection,
an
appraisal, a survey,
a title
search and a final walk through. |
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What is a home inspection? |
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Home inspection is an
evaluation of the physical
condition, structure and
mechanical systems of the
house.
The American Society
of Home Inspectors (ASHI)'s
Standards of Practice
recommends ten areas of home
inspection:
1. Structural (foundation
and framing)
2. Exterior (wall
covering, flashing, trim,
grading, surface drainage,
decks, patios, balconies,
etc)
3. Roofing (roof drainage
system, flashings,
skylights, chimneys, and
roof penetration)
4. Plumbing (water supply
and distribution, drainage,
vents, water heating system)
5. Electrical
(conductors, cables,
lighting fixtures/switches,
and the ground fault circuit
interrupters)
6. Heating (heating
equipment, vents, heating
method, energy source)
7. Air Conditioning
(cooling system, energy
sources, cooling method)
8. Interior (walls,
ceilings, floors, stairways,
railings, doors, windows,
etc)
9. Insulation and
Ventilation (insulation and
vapor retarders in
unfinished spaces and
attics)
10. Fireplace and Solid
Fuel Burning Appliances
(system components, vents,
chimneys, etc)
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Forgo home inspection? |
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In this few years, the
market has become tighter.
To make offers more
attractive, buyers
increasingly forgo the home
inspection. However, we
still recommend you to have
one for your own knowledge
and peace of mind.
If you still decide to forgo
the home inspection, you may
take a risk of problems with
the house that you will have
to fix. To reduce your risk,
take some courses in home
inspection or read some
related books. It is not to
become a professional home
inspector but to learn
enough knowledge and common
sense to become your own
home inspector.
The age of the house is
another factor for you to
decide to take the risk or
not. If the house is less
than 10 years old, based on
life spans, the roof, siding
and major systems are
probably in fine condition,
assuming normal wear and
tear.
Here are a few information
about life spans:
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| Component/System |
Life Span |
| Roof |
15-20 years |
| Siding |
30-40 years |
| Furnace |
20-30 years |
| Plumbing |
40-50 years |
| Air Conditioner
(central) |
10-15 years |
| Major appliances
(washer/dryer,
refrigerator, range) |
12-15 years |
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How to Find a Good Home Inspector? |
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Since the inspection
industry is not very well
regulated, it is tricky to
find a good inspector. You
can ask your agent, or your
friends, neighbors,
coworkers, or family
members.
There is another reliable
way to find a inspector. The
American Society of Home
Inspectors (ASHI)
established the ASHI
Standards of Practice and
Code of Ethics to promote
professional performance and
to protect consumers. An
ASHI member is who has been
through at least 250
fee-paid inspections in
accordance with ASHI
Standards of Practice and
passed written exams on
residential construction,
defect recognition,
inspection techniques, and
report writing. |
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Time and cost |
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Regardless of who you select
as your home inspector, make
sure a home inspection
report will be produced
within two business days.
A home inspection may cost
between $250 and $400,
depending on the size of the
house. |
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Advantage of home inspection |
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Your present at the home
inspection is not required,
but it is strongly
recommended that you be
there. If you are the first
time home buyer, who does
not know all components of
the house and how they
operate, you will learn a
great deal about the
structure of the house, as
well as its other systems,
and learn what to look out
for to prevent costly
repairs or replacements and
what to do in an emergency.
Take a check list with you,
and take notes while the
home inspecting. Your agent
should be also at the home
inspection. You also can ask
questions without disrupting
the home inspector's work. |
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What to do with the Home Inspection Report |
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If home inspection is a
contingency in your
contract, share the report
with the seller and indicate
how you would like broken
things to be fixed. Put your
request in writing. When it
comes to the contract,
verbal communication does
not count.
If home inspection is not a
contingency in your
contract, it is your
responsibility to fix broken
things for your safety. It
may also save you money in
the long run to repair
rather than replace.
Remember that there will be
a risk if you decide to
forgo the home inspection as
a contingency on the
contract. |
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Building Codes |
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Your home inspector is not
required to check building
codes. For additions or
modifications made to the
house, it is wise to ask the
seller if it has a permit of
additions or modifications.
If it is built without a
permit, you may be asked to
take down the structure at
your own cost. |
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