John listed his home for sale. The home was a wonderful old place. In fact, it was nearly 100 years old. Mary's real estate agent brought her to see the house. Immediately, Mary fell in love with the home. Mary advised her real estate agent that she would like to submit an offer to John to purchase the home. Mary's real estate agent suggested that Mary make her offer contingent upon the home passing a termite inspection.
In residential real estate transactions, it is not uncommon for standard contracts to contain a clause that makes the buyer's consummation of the transaction contingent upon the home passing a termite inspection. An example of such a clause is as follows:
This contract is contingent upon the house passing a termite inspection performed by an individual qualified to perform such inspections.
What Does a Termite Inspection Involve?
Typically, a termite inspection is performed by a licensed individual. Very often it is the case that a termite inspector is part of a business that repairs damage that results from termite infestation. Quite simply, a termite inspector makes a visual inspection of a home to determine the existence of any wood-destroying insects or organisms. The inspection should cover the entire home from top to bottom.
How Long Does a Termite Inspection Take?
Usually, a termite inspection on a home takes approximate 30 to 45 minutes to complete. The length of time that is required for a termite inspection depends on the size of the house, as well as the existence of any clutter or debris within the house.
How Much Does A Termite Inspection Cost?
Usually, a termite inspection on a home costs approximately $150 to $350. The cost of a termite inspection varies from locality to locality.
What if Termites Are Found During the Inspection?
If a real estate sale contract is contingent upon the home passing a termite inspection and termites are found during the inspection, the buyer has the opportunity to back out of the deal. In the alternative, the buyer and seller may renegotiate the sale price in order to make an allowance for the cost of eliminating the termites and repairing any damage.
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