Once Your Offer is Accepted

In Louisiana, the standard 7-page Purchase Agreement used by all residential Realtors includes a section which refers to the inspection period. Many agents use a standard 10-day inspection period; bear in mind that this inspection period is in calendar days, not in work days. During that period, any and all inspections must be accomplished, and any request for repairs - or for money for repairs - must be submitted.

While there are no 'standard' inspections in the Acadiana region, most home buyers are advised to get at least a home inspection by a licensed Home Inspector, and a termite inspection on everything other than new construction. If the home inspection yields results which indicate the need for a more specialized inspection (for instance, an inspection by a roofer or a foundation expert), that needs to be accomplished within the same time period.

The latest purchase agreement actually gives the buyer a bit of flexibility during the inspection period; a buyer may void the purchase contract without having to give a real "reason." All that is required is saying in writing that the sale will not go forward, and a request for the return of the deposit should be made by the purchaser's agent.

Buyers have the option on new construction of either having an inspection by a licensed Home Inspector, or simply doing a walk-though with the builder and the buyer's agent to formulate a punch list. In new construction, there is a New Home Warranty, which sets the purchase of new construction apart from the purchase of an existing older home. Within the first year, any physical defects which occur - problems with heating and cooling systems, problems with wiring or roofing - are covered by the new home warranty. While many people opt for only a walk-through and punch list with the builder, bear in mind that a licensed Home Inspector will check for problems not necessarily visible on a walk-through.