Due Diligence Information for Home Buyers Who Have Successfully Contracted to Purchase a House
Unless otherwise specified, the Buyer has 10 days after the “Time Reference Date” to review the Seller’s Residential Property Condition Disclosure orDisclaimer Statement.
SELECTING A LICENSED PROFESSIONAL
During this same period, the Buyer, at the Buyer’s expense, has the right to have a registered professional engineer, architect, Oklahoma licensed home inspector and/or professional craftsman conduct the inspections described below.
It is recommended that the Buyer exercise these rights and that the Buyer make the Buyer’s own selection of profesionals with appropriate qualifications to conduct inspections of the entire property.
Professionals conducting inspections may have several levels of inspection service for different fees. It is the Buyer’s responsibility to contact the inspectors of the Buyer’s choice to review and select the inspection level the Buyer desires.
The Buyer may select anyone he deems to be qualified to do the home inspection. However, if the Buyer pays anyone to do an inspection, then that person must be licensed by the state of Oklahoma to do that inspection.
It is the Buyer’s responsibility to have the following inspections made. The Buyer should accompany the inspector during the inspection. Buyer should NOTrely on the REALTOR®, a friend, or themselves to make this inspection.
If brokers give the Buyer or Seller information regarding professional persons, services, inspectors or product providers (“Providers”), all parties are advised that:
- Brokers do not guarantee the performance of any Providers.
- The Buyer and Seller are free to select Providers other than those given by the brokers. “Providers” include but are not limited to: lenders, title insurers, closing companies, property hazard insurers, attorneys, inspectors, pest control companies, contractors, and home warranty companies.
INVESTIGATIONS, INSPECTIONS, AND REVIEWS
Unless otherwise specified, the Buyer has 10 days after the “Time Reference Date” to complete any investigations, inspections, or reviews. The Buyer’s investigations, inspections, and reviews may include, but not be limited to, the following:
- Disclosure Statement or Disclaimer Statement unless exempt
- Flood, Storm Run off Water, Storm Sewer Backup or Water History
- Psychologically Impacted Property and Megan’s Law
- Hazard Insurance (Property Insurability)
- Environmental Risks, including, but not limited to soil, air, water, hydrocarbon, chemical, carbon, asbestos, mold, radon gas, and lead-based paint
- Roof, structural members, roof decking, coverings and related components
- Structural Inspection
- Fixtures, Equipment and Systems Inspection. All fixtures, equipment and systems relating to plumbing, (including sewer/septic system and water supply), heating, cooling, electrical, built-in appliances, swimming pool, spa, sprinkler systems, and security systems
- Termites and other Wood Destroying Organisms Inspection
- Use of Property. Property use restrictions, building restrictions, easements, restrictive covenants, zoning ordinances, and regulations, mandatory Homeowner Associations and dues
- Square Footage. Buyer shall not rely on any quoted square footage and shall have the right to measure the Property.
- Other. Buyer can specify another kind of inspection or review
COST OF INSPECTIONS AND REINSPECTIONS
The Buyer pays the cost of all inspections and reinspections unless prohibited by the mortgage underwriter.
DELIVERY OF PROPERTY INSPECTION REPORTS AND TEST RESULTS
As provided in the Contract, the Buyer will deliver a copy of every written inspection report concerning the Property to the Seller, in care of the Listing Broker.
THE BUYER MUST RESPOND TO INSPECTIONS WITHIN 24 HOURS AFTER THE 10-DAY TIME PERIOD
Regardless of whether the Buyer investigates and/or has inspections of the Property performed, if the Buyer fails to deliver written notice cancelling the contract or requiring specific treatments, repairs and/or replacements to the Seller, in care of the Listing Broker, within 24 hours after the expiration of the 10-day time period specified in the Contract, then the Buyer accepts the Property in the condition or state which existed at the expiration of the time period and the Buyer shall proceed to Closing.
ACCEPTANCE OF PROPERTY
By closing the sale or by taking possession of the Property, Buyer has accepted the Property in its then condition.