NJ Home Inspection Contingency
You have just found the home of your dreams, but unfortunately, there are a few things that are broken, unsafe, or reaching the end of their useful life. If these few items were fixed, your new house would be absolutely perfect! Did you know that in New Jersey, most real estate contracts include a home inspection contingency that allows you to request to have these issues fixed before closing?
What is a Home Inspection Contingency?
The home inspection contingency gives the buyer the right to have the home inspected by a licensed professional. After inspection, the inspector will issue a report outlining any defects or safety concerns found on the property. The buyer can then request that any defective or hazardous conditions be corrected prior to the closing. The seller has the option of making the repairs, offering a credit in lieu of repair, or refusing to make the requested repairs. If the seller refuses to correct the defects, then the buyer can usually walk away from the transaction and receive a refund of his or her deposit.
What Types of Repairs are Covered by the Home Inspection Contingency?
Although the home inspection contingency provides a way for the buyer to request repairs prior to closing, it usually does not cover all repairs. Many times, the home inspection contingency only requires that the seller repair or offer a credit for defects that affect the structural integrity, functionality, or safety of the home. Other issues, such as the presence of wood-destroying insects like carpenter ants and termites, the detection of radon, or the use of lead-based paint, may also need to be corrected under the home inspection contingency. Cosmetic defects usually are not covered, but may be addressed if the buyer and seller agree that these items will be corrected.
Making Sure Repairs Are Made
One of the best ways to make sure that any defects found in your new home are corrected is to hire a licensed attorney to assist you throughout the home-buying process. Before the property is officially “under contract,” your lawyer will review the contract with you and make sure that your needs and goals are taken into account. Your attorney will also review the home inspection report and help negotiate which repairs will be made, or the amount of a credit that you should receive in the event the seller refuses to make repairs.
Tagliente & Shah, LLC, has helped many clients enforce their rights under the home inspection contingency. Our attorneys take the time to understand which items are most important to our clients, and work hard to make sure that their goals are reached. Contact us today if you are planning on purchasing a house in New Jersey!