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New Home Surveys
Question: We are buying a new home and the lender requires a termite inspection. Since there has been no time for termites to build nests or cause damage, why do we need an inspection?
Answer: It may seem odd, but there is logic to the lender's request. When you look at a new home you see a finished product. However, weeks before completion, the elements making-up that new home were basic materials such as pipes, wires, and wood. And that wood, sitting outdoors for an unknown amount of time, could be infested with termites or other wood-boring insects. Is such infestation likely? No. But a home is a very large investment and it is security for the lender's very large loan. The lender does not want to see that security eaten away, thus the requirement to check for termites even for new homes.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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