For many the idea of buying a home is daunting, and the process for a first time buyer is a world of questions and unknowns.
We have put together a diagram of a generic home buyers cycle, which should shed a little light on the various steps a buyer will go through, from initial thought of purchasing a home to closing the sale on the property. In addition to this, we have identified where in this process a home inspection by Inspect-a-home should be included.
- A “subject to a favourable inspection” clause is included into the Offer To Purchase before any Sale Documentation is signed.
- The actual inspection is completed only once acceptance of your offer has been received from the Seller.
In this way, should there be more than one offer to the seller by various parties, then you will not have paid for an inspection on a property that might not be yours . Example : a cash offer and your mortgaged offer is on the table for consideration by the seller. A seller would most likely choose a cash offer first, and reject the bonded offer. If you had already completed and paid for the inspection prior to your offer being rejected, the cost for the inspection has been expensed for no gain.