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We recently published an article about the reasons that can lead to the breach of a contract (cancellation) for the purchase and sale of property in Florida. One of these reasons may be some defect in the property or characteristic discovered during the inspection work. Residential inspection is a thorough work that reports the conditions of the property. It is usually requested and hired by the purchasing party. In this article we will explain how inspection work works, values and why it is fundamental within the process of buying a property in Florida.
What is, and How Does Property Inspection Work in Florida?
First of all, it is important to hire a qualified inspector, with the proper licenses to work in Florida.
Inspection work includes a detailed analysis of the property. The qualified inspector will analyze the physical structure of the property, heating and cooling systems, electrical part, water and sewage system, plumbing, damage caused by insects or pests and a number of other factors, including problems related to fire and safety.
At the end of the inspection work, a detailed report on the conditions of the property is presented to the contractor. This report contains all surveys and possible damages, necessary or recommended repairs and any other factors and/or problems that may affect the value of the property.
When Should I Hire a Residential Inspection?
It is recommended to hire the inspection services right after the signing of the purchase and sale contract. It is important that an inspection contingency clause is included in the contract. In this way, the buyer will have a period to hire an inspection company and carry out the work. This deadline is usually 15 days after signing the contract.
Why is Property Inspection Important?
The final report will show if the property is in perfect condition or if there is any problem. The buyer, in possession of the report, may decide whether to maintain the purchase decision or renegotiate the value, depending on the number and degree of the problems presented.
Often the defects are minimal and the buyer decides to proceed without any negotiation. In other cases, the buyer can renegotiate the price or even ask the seller to make the necessary repairs. In this last hypothesis, the buyer would have the right to carry out a new inspection, after the completion of the repairs, to assess whether the original problem identified has been corrected.
It is important to note that it is not uncommon when the inspector finds defects in the property that were not even known to the owners.
How Much Does it Cost and Who Should I Hire?
Usually the inspection is contracted by the buyer and they are the ones who pays for it. The amount can vary from approximately $300 to $800. Everything will depend on the size of the property and the difficulty of the work.
Difference Between Residential Inspection and Evaluation
There is a little confusion between Residential Inspection and Property Evaluation in Florida (Appraisal).
While residential inspection focuses on analyzing house conditions, valuation work focuses on determining an approximate market value of the property, based on an impartial opinion of a market professional. Of course, the two jobs are important in the process of buying and selling a given property, but they are hired for different reasons.
The inspection of the property is motivated by the need that the buyer (or even the seller) has to know about the state of the house, its conditions and if repairs are necessary. The valuation is usually required by a creditor (a bank), when a buyer needs financing to purchase the property or even when the owner needs to refinance it.
The methods used in evaluation work also differ considerably from those used for an inspection. The appraiser usually compares prices in the region, property size, lot size, etc.
Inspection work also usually takes longer than evaluation work. It is very common for an evaluator to complete his work in less than an hour. The inspector can take several hours or even days, since everything must be analyzed very carefully.
Who Can Guide Me on Which Company to Hire?
AMG International Realty works in partnership with some of the best inspection companies in Florida. We follow the entire purchase process together with the client, guiding in each step and recommending the best professionals.
If you want to know more about the buying and selling process in Florida, contact me and chat with me right now by WhatsApp: +1 305 498 6327 (Silvana Recalde).
