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What do you need to know about home inspections?

On Behalf of | May 9, 2022 | Real Estate Law |

When you sell a home in Oregon, you should expect home inspections. Buyers want reassurance that they’re not going to have to spend a lot of money on repairs after buying the home. There is also legislation in place surrounding inspections and disclosing issues to prospective buyers.

Property disclosure

Oregon real estate law requires that sellers give prospective buyers a property disclosure. The phrasing of this has to be in line with Oregon law, and you must give buyers the form no later than when they submit a written offer. A property disclosure provides information on insulation, sewage disposal, dwelling systems and fixtures, domestic water sources and irrigation, existing easements and liens, material defects and homeowners’ association dues.

Agreement to sell home

In Oregon, you need to provide a written agreement to sell the home. This agreement states by what date the prospective buyer has to conduct a home inspection. Other details that you need to include are the purchase price, the division of closing costs, when and where the closing and title transfer will occur, and what is included with the sale and the escrow money.

Areas to inspect

A home inspector looks at the exterior, electrical, plumbing, appliances, attic and basement. Aspects of the exterior that home inspections cover include the roof, lot, foundation, siding, paint, window seals and garage. You could schedule a professional inspection of your home to know what issues will arise. From there, it is your decision as to what you want to repair and what you’ll leave for the new owner to handle. Buyers will negotiate a lower price to make up for aspects of the home that are in need of repair.

Home inspections are a necessary part of the process of selling properties. They help protect both you and the buyer. It’s also illegal in Oregon to not provide proper disclosure and allow the buyer a chance to inspect the property before buying it.