Typically, the prospective buyer of a residential property covers the cost of a pre-purchase property evaluation. This assessment, conducted by a qualified professional, examines the condition of the home’s systems and structure, including plumbing, electrical, HVAC, roof, and foundation. A sample scenario involves a buyer making an offer contingent on a satisfactory evaluation. Should the evaluation reveal significant issues, the buyer might renegotiate the offer or withdraw it altogether.
Investing in a professional assessment provides crucial information about a property’s current state, potentially preventing costly surprises down the line. This practice empowers informed decision-making during a significant financial transaction. Historically, the onus of understanding a property’s condition rested solely with the buyer. Over time, the independent assessment became standard practice, enhancing transparency and consumer protection in real estate transactions.