Whether you are buying a new or existing house, conducting a pre-purchase inspection is essential to verify the property’s condition before finalizing the transaction. It ensures you don’t end up buying a property that requires costly repairs later.
Though the buyer bears the cost of hiring a building inspector, this investment is minimal compared to potential expenses from undisclosed issues.
Why is it recommended to conduct a pre-purchase inspection?
Conducting a pre-purchase inspection is necessary for several important reasons. Firstly, it allows buyers to renegotiate or even withdraw from the purchase agreement if significant defects are found, providing valuable leverage in negotiations.
Secondly, a thorough inspection of all visible aspects of the property enables prospective buyers to comprehensively assess its condition. This assessment helps them plan necessary repairs or maintenance tasks effectively before finalizing the purchase.
Ultimately, a pre-purchase inspection acts as a vital safeguard, ensuring informed decision-making and protecting against unforeseen issues and hidden defects that could arise after the property is purchased.
Are pre-purchase inspections mandatory in Quebec?
While pre-purchase inspections are not mandatory for real estate transactions, experts strongly advise getting one. Opting against one is a risky decision, particularly when purchasing without a legal warranty, as it leaves buyers with limited recourse if undisclosed issues arise after the sale.
The 5 main steps of a pre-purchase home inspection
Here's an overview of the 5 main steps involved in a pre-purchase home inspection. Let's look into them!
1. Finding a house to buy
Before even thinking about a home inspection, your first essential step is finding a property to purchase. It’s worth noting that real estate brokers assist buyers at no cost, as their commission is typically covered by the seller upon completing the sale.
Additionally, seeking guidance from a mortgage broker for your mortgage loan can be advantageous in securing financing for your purchase. The broker compared bank rates to find the best options tailored to your situation. Once again, there is no cost to you, as banks compensate brokers for bringing in new clients.
Collaborating with these professionals marks the initial phase in finding your dream home and proceeding with an inspection.
2. Choosing an experienced home inspector
Unless you have a strong construction background, hiring a home inspector is a crucial step in the home-buying process. By this point, you’ve likely made a purchase offer contingent upon the inspection. The inspector’s primary role is to conduct a thorough examination and provide a detailed report on whether the house meets building codes and standards.
The inspector’s findings are pivotal because they can potentially allow you to renegotiate the terms or your purchase offer. For instance, if significant renovations are required, you might negotiate adjustments in the price or conditions of the sale. Alternatively, if serious undisclosed issues are uncovered, you may decide to withdraw your purchase offer altogether.
That is why selecting a building inspector with extensive experience is essential. Unlike many real estate professionals such as agents and brokers, building inspectors are not typically regulated by a Code of Professional Conduct, highlighting the importance of careful selection.
Make sure that the inspector you choose is affiliated with a reputable organization like the Association des inspecteurs en bâtiment du Québec (AIBQ). Verify that they have received recognized foundational training and carry professional insurance that covers errors and omissions in building inspections. This precaution ensures you have recourse in case any unexpected issues arise during the inspection process.
3. Conducting the pre-purchase inspection
The pre-purchase inspection typically occurs after you've made an offer to purchase under specific conditions. The seller generally has 7 to 10 days to accept, reject, or counteroffer, as outlined in the contract. The inspection must be completed within this timeframe to ensure compliance with the home-buying process and facilitate a smooth transaction.
That being said, a pre-purchase home inspection is essential for ensuring peace of mind throughout the buying process. You have the option to hire a professional who will conduct the inspection independently, or you can choose to accompany them during the inspection tour to ensure the house aligns with your expectations.
If you decide to attend, which is usually recommended, it's an opportunity to ask questions and gain insights, preferably without disrupting the inspector's work. This hands-on approach allows you to actively participate in evaluating the property's condition before finalizing the purchase.
What components are inspected during the inspection?
During the inspection, the building inspector examines the visible and easily accessible components of the house to identify potential issues and hidden defects. These typically include:
- Structure: foundation, walls and ceilings.
- Roof: gutters, roofing materials, and ventilation.
- Interior: finishes, floors, doors, and windows.
- Building systems: plumbing, electrical, heating, air conditioning, and ventilation.
- Isulation: types of insulation, air barrier, vapour barrier, and caulcking.
- Exterior: landcape andexterior features of the house.
4. Delivery of the inspection report
Typically, the inspector delivers the report within 48 hours after the inspection. This allows time for reviewing visit photos and conducting additional research on any flagged issues.
The inspection report is a valuable tool offering advice and recommendations for addressing identified problems. It empowers you to make an informed decision about proceeding with the purchase.
If the inspection report uncovers significant issues with the home’s condition, you may have the option to cancel your purchase, thereby avoiding potential future complications.
5. Signing Promise to Purchase
Once your inspector confirms that the inspection reveals no major issues and any identified problems are minor, it’s time to move forward with signing the Promise to Purchase. This step signifies your commitment to proceed with the transaction. Congratulations, you’ll soon officially be a homeowner!
How much does a pre-purchase inspection cost?
The cost of a pre-purchase inspection varies depending on factors such as the type and size of the property being inspected.
Typically, you should budget a few hundred dollars for this service. Also, it's advisable to obtain quotes from several building inspectors before deciding, as price can differ among providers.
Are you looking for a building inspector for a pre-purchase home inspection?
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