The best approach is to hire a licensed (WDO) Wood Destroying Organism pest inspection company. They’ll check your future property for contamination by flies, mosquitoes, cockroaches, fleas, rats, mice, bedbugs, termites, beetles, carpenter bees, ants, and other types of pests. There’s no need to explain how much harm even a small number of termites can do. These issues will lead to major repair expenses and even health issues. Presence of any kind of contamination is a subject of renegotiation of terms, or a reason to rethink the deal completely. #5. Fix All the Issues after the Inspections If inspections revealed any problems, you may want to ask for a price adjustment to cover the cost of repair or ask the seller to fix the problems. Some inspectors advise to look deeper into the issue. They say you should ask for a second opinion, or evaluate it further with a specialist. It’s highly recommended to discuss the estimates and fix the issues as soon as possible. #6. Ask for Title Search and Insurance Title insurance is needed to eliminate the potential of loss by third-party ownership on the property that you’re buying. Title insurance protects real estate owners and lenders against loss or damage due to liens, encumbrances, or defects in the title. Each title insurance policy is subject to specific terms, conditions, and exclusions. Auto and homeowner’s insurance protect against potential future events, and is paid for with monthly or annual premiums. A title insurance policy insures against past events for a one-time premium paid at the close of the escrow. Title defects include another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements, and other items specified in the insurance policy.
101
Powered by FlippingBook