After a purchase price is agreed on and the agreement of sale is signed, a buyer will generally have a home inspected. Depending on the results of the inspections, the buyer may accept the property as is, cancel the sales agreement, ask the seller to make repairs, or ask the seller for a monetary concession.
The buyer is responsible for scheduling and paying for the home inspections. The seller must allow access to the property. Inspections in Bucks County usually include a general home inspection, termite inspection, and radon test. When the home is not serviced by public water and sewer, water and septic inspections are usually performed. If the home has a stucco exterior, it is likely that a buyer will have the stucco inspected as well. Mold testing and chimney inspections are sometimes performed.
The buyer must act quickly in scheduling inspections. In Pennsylvania, the sales agreement sets deadlines for their completion, and most inspections are completed within ten to fourteen days after the agreement of sale is signed.
Once the inspection results are received, the buyer has the right to ask the seller to address issues raised in the inspection reports. The buyer can ask the seller to make repairs or provide a monetary credit. The seller must then respond to the buyer’s. request. A second round of negotiations may result if the seller does not agree to comply with all of the buyer’s requests. If both sides cannot come to an agreement, the sale will be cancelled.
If a sale is cancelled due to inspection issues, the buyer and seller will sign a release and the buyer’s deposit money will be returned to him. If the seller puts the home back on the market, the seller is required by law in Pennsylvania to update the Seller’s Disclosure to document material defects of which he was previously unaware.
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