Besides appraisal and the termite inspection, you should also have a professional go through the house and seek out potential problems. Of course, you will have inspected the home, but you are not used to looking at some things that a professional will find. Even if they are not things the seller is expected to repair, at least you will have foreknowledge of any potential problems.
You will want to allow yourself enough time so that once you receive the inspection, you will have sufficient time to review and approve the report. If you do not approve the report, you may negotiate with the sellers on which repairs should be performed and who should pay for those repairs. Otherwise, you can cancel the purchase without losing your “Earnest Money”, provided you have included a “Termination Option”. This gives you the unrestricted right to terminate the contract by giving notice to the seller within a stated number of days.
Before closing, you will want to revisit the property to ensure it is in the condition you have required in your offer, and to inspect that any required repairs have been performed. The contract provides that the seller will deliver possession of the property to you in the same condition as on the date you executed the contract, ordinary wear & tear excepted, and subject to any agreed repairs being completed. You should do this “Final Walk Thru” no sooner than five days before you intend to close.
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