Village Requires Inspection Before Closing?!?
I just signed a purchase agreement with a seller, and closing is going to be in less than a week. I just read on the website for the community the property is at, that a point of sale inspection is required anytime a property is sold. It's suppose to be scheduled 2-3 weeks before closing!
This house is in major disrepair, and probably has a lot of code violations. Is this going to be a major issue? Any way around this? What happens if I try to buy w/o the inspection? I can't change the delay closing, it has to be that date.
I suggest you consult a real estate attorney and very quickly. I would check your purchase contract for provisions containing seller representations and warranties. If your state requires property owners to provide buyers with written property disclosure statements, did the seller give you one? Does your contract specifically say you are purchasing the property in as-is condition? Chances are, the municipality will not allow the deed to be recorded without the issuance of a use & occupancy cert (or whatever they're calling it), so I don't think trying to circumvent the inspection will do you any good.
In many municipalities around Pgh a code inspection is required before the close. it is done by one of their inspectors. The findings are faxed to the closing title company or closing attorney. The code inspector usually asks the new buyer how long it will take them to do the repairs. that is stipulated on the form and the deal closes.
Lori
Also the community usually won't release the Tax cert or something else that is required by a bank to close. It usually isn't a big deal if you are buying the property "as is"
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real estate investor since 1988. I like to find creative solutions for my real estate headaches before they become problems. Most importantly, MOVEMENT DOES NOT EQUAL PRODUCTIVITY[ Edited by tinman1755 on Date 04/29/2004 ]