Buying a home is a major financial investment. That’s why home inspections are such an integral part of the process. It’s unlikely that a home buyer will identify underlying issues during a walk-through, but inspections delve deeper into a home’s plumbing system, electrical wiring, roof, and foundation to look for potential problems. Understanding the seller’s obligations, and your options when it comes to paying for repairs, is a must for a smooth, stress-free process. 

Understanding Seller Disclosure Laws

Most home sellers in Ohio are required to complete a Residential Property Disclosure form. This lists known problems with the property, and after the receipt, buyers must respond in three days if they wish to cancel the purchase contract. Disclosure forms must also be provided to buyers within 30 days of the purchase agreement being signed. 

Some real estate transactions can occur without the completion of this form, including sales that resulted from foreclosure or bankruptcy. Sellers are also not obligated to disclose if the property is being transferred to a co-owner or being sold to a person who inhabited the property for the previous two years. Other exemptions include properties that are being transferred between family members, such as from spouse to spouse or parent to child. 

Legal Obligations of the Seller If Issues Are Found

From a legal perspective, sellers are not obligated to make repairs during a real estate transaction. However, it may be in the best interest of the seller to do so, or they risk losing the interested buyer. Sellers are more likely to address issues that affect a home’s habitability. This includes mold growth, faulty wiring, or structural damage.

Additionally, a seller may be motivated by the financial institution providing a mortgage to the buyer. The lender might withhold the home loan if there are major problems with the property, which means that the seller must make the requested repairs for the transaction to be completed. 

Paying for Repairs After a Home Inspection

Buyers can protect themselves by establishing clear ground rules in the purchase agreement. Agreeing to buy a home “as is” leaves little recourse but adding a clause that states you can walk away from the transaction free and clear if major issues are found gives you a bit more leverage.

Buyers can also request a home warranty for added protection. Home warranties are insurance policies that offer coverage for a pre-determined period of time, usually six months to a year. This insurance will finance any necessary repairs, such as installing a new roof or updating an electrical panel. 

A comprehensive home inspection offers benefits to both home buyers and sellers. That’s why Prior To Purchase Inspection Services, LLC is so widely respected among past and current clients. Based in Highland Heights, KY, these skilled inspectors provide service throughout Northern Kentucky and Southwest Ohio. They’re equipped to assess numerous areas of the home, including the basement, attic, crawlspace, plumbing system, wiring, and HVAC equipment. See the full listing of services online or call (859) 802-8561 to learn how you can schedule a property inspection.