First Time Home Buyer Safety – Subject to Inspection in the Contract of Purchase and Sale!
In Episode 14, we talked about Subject to Financing and how this is a powerful way to protect a first time home buyer when it comes to financing. Today we are going to talk about the Subject to Inspection clause in the Contract of Purchase and Sale and how this can protect a new home buyer in Vancouver.
What is an Inspection When Buying a Home in Vancouver?
An Inspection or Home Inspection as they are commonly referred to in Vancouver is when the Buyer has a qualified and certified Home Inspector check over the physical condition of the property that is of interest.
In most cases the Home Inspection is done after there is an accepted offer and the Home Inspector checks the following:
- The exterior envelope of the home (be it a condo or a house) that including, the foundation, parking garage, the roof, the walls, etc as well as the drainage systems and any out buildings or features on the grounds of the property
- The interior of the home and all its mechanical and structural systems including plumbing, electrical, flooring, wall systems like drywall, ventilation, windows, skylights, etc
At the end of the Home Inspection, the Buyer receives and inspection report which will clearly lay out the condition of the property and any issues the property may have.
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Why do We Use Subject to Inspection?
Quite simply, a Home Inspection is designed to protect the Continue reading