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, It may be time to renegotiate or ask the seller to fix the problems prior to closing. If the inspector advises to look deeper into the issue by an expert in that field (ex: chimneys), it’s highly recommended to do so sooner than later as the time frame for inspections is limited.
#6. Title 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. The lender will make sure there is a lender's policy and pass along that expense to the buyer as a cost of doing business, but it is not required for the buyer to have a title insurance policy. It is highly recommended that you get the owners coverage. It's a one-time expense and believe me, you will be glad you have it if you ever need it. A title insurance policy insures against past events for the 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. If you ever had to hire an attorney to defend yourself for a case of fraud, for example, paying an attorney's retainer would be more costly than the one-time expense of purchasing the title insurance policy.
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