The transaction takes on average 30 to 60 days. During this time, a licensed specialist carries out a physical inspection of the property.
His task is to identify all the defects and submit a written report. Based on the inspection results, the buyer can refuse the transaction if the identified defects are critical, or negotiate a discount with the seller.
The inspection is optional, but recommended. The cost depends on the complexity of the property. Thus, for a small apartment or house with an area of about 140 square meters, you will have to pay $300-500.
The specialist will determine the structural defects of the building, check the condition of the plumbing, communications, and electrical wiring. Experts advise conducting an inspection for the presence of termites and other wood-boring insects, as well as for the presence of gas (radon), lead-containing paint and various types of mold.
Also at this stage, an assessment of the market value of the property is required – it is carried out by an independent expert for a fee from the buyer. This is necessary when you take out a mortgage in the USA. The bank will refuse a loan if the appraised value of the property is lower than the selling price.