Tuesday, September 28, 2010

Mark wants to inspect that condominium

A book by Mark Weisleder – Put the Pen Down! What Homebuyers and Sellers Need to Know Before Signing On The Dotted Line – will prepare you well for closing day, and the day after.

The veteran real estate lawyer and instructor adapted two other books he wrote for real estate agents to suit the owners and buyers who pay for their services. He has packed in a wealth of information.

More importantly, an inspector could gauge the condition of the building’s heating, ventilation and air condition system, the roof and the garage. He or she could look into the building status certificate, condo association reserve fund, bylaws and rules, if the buyer knew to include this in the offer of purchase.

David Pylyp; There is no objection or interest to impede a home inspection on a high rise condominium unit and I have recommended a home inspector using thermal imaging technology (Shows you if you have water in the ceilings or behind walls) BUT... BUT>>>>

Is the Home Inspector selected by the Purchaser qualified and licensed to render an opinion on the condition of the Heating, Ventilation, Roof, Parking, Garage, Plumbing Electrical and appliance condition? How is the Home inspector qualified to read a financial statement contained in the Status Certificate about the long term requirements to repair or capital improvement budgets.

Maybe the Board of Directors of the Condominium Corporation having completed their Reserve Fund Studies as required every five years by Ontario Legislation; have decided that OTHER items need attention first. Who will provide the qualified and quantified answer?

The Home Inspectors that I generally meet have a specific trade specialty and have retired, modified, or evolved their career from construction into home inspections. While the standards are ever increasing to the betterment for the consumer; I am not aware of a financial statement analysis component in the Home Inspection Licensing Program.

It sounds great. But It just won't happen.

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