When you are buying a piece of real estate, I would highly recommend getting a certified home inspection on the property. A home inspection points out various problems with the land itself and with the house.
Common problems that a home inspection reveals include:
1. Water damage – the obvious and the hidden
3. Dangerous levels of radon
4. Structural defects
5. Unsafe electrical conditions
A lot of clients believe that they should ask for everything to be fixed that a home inspector finds to be wrong. That really is not the purpose of the home inspection contingency in the real estate contract. The main purpose is too find out if there are any safety hazards and to know whether the major components of the property are functioning properly. If you do find that any of the major components of the building are not functioning properly it gives the buyer a reason to cancel the contract with no repercussions.
Although a home inspection report will list every minor thing that may be wrong with the home, the seller is not required to make minor or cosmetic repairs. I am not saying you can’t use the report as a bargaining tool. What I am saying is that you are not allowed to cancel a contract if the seller doesn’t fix all of the “small stuff.” They are only legally obligated to make repairs or replace major components of the real estate.