Buyer The prospective purchaser of a home is entitled to know the true condition of the home considered for purchase. It is important that an account of any needed repairs and cost estimates be considered in order to make an informed decision.
Seller Unknown defects to the seller often lead to delays and added negotiation in a real estate transaction. Accurate disclosure regarding the condition of the property will increase the likelihood of a successful close of escrow.
Owner A systematic evaluation of the home with documentation of findings can be used to troubleshoot problems and develop a repair and maintenance strategy. This will help to extend the life of the systems and components in the home and remedy items before they become a major expense.
Banks & Lending Companies Businesses that hold mortgages sometimes need inspections in the case of foreclosures, to assess any damage or deterioration that may have occurred when attempting to re-sell the home. Construction loans also need inspections to ensure that the construction phases are properly being completed.