A showing helps determine whether a property fits your needs; an inspection helps clarify its apparent condition. It does not guarantee the building’s future, but it provides useful observations before finalizing an important decision.
Key takeaways
- OACIQ states that the broker must recommend a complete inspection by a professional or inspector meeting the applicable criteria.
- Attending allows the buyer to see observations in context.
- Separate routine maintenance, planned repairs, specialized assessments and issues that could affect the offered price.
Keep a clear inspection condition
OACIQ states that the broker must recommend a complete inspection by a professional or inspector meeting the applicable criteria. The promise to purchase sets out the deadline and procedure.
Waiving an inspection can have significant consequences. Such a decision should only be made after understanding the risks specific to the property and transaction.
Attend the inspection and ask questions
Attending allows the buyer to see observations in context. Roof, foundation, drainage, envelope, plumbing, electrical, heating, ventilation and signs of moisture deserve attention appropriate to the building’s type and age.
For a condo, inspecting the unit should be complemented by reviewing building documents and common areas. A shared issue can have a financial impact even when the unit appears well maintained.
Turn the report into a decision
Separate routine maintenance, planned repairs, specialized assessments and issues that could affect the offered price. The report may recommend a qualified professional to clarify certain observations.
The next step depends on the report and the conditions in the promise to purchase. Your broker helps track deadlines and properly document any action involving the seller.