The financial responsibility for property assessments during a real estate transaction is often a negotiated term. Typically, the buyer arranges and covers the expenses associated with these evaluations. This stems from the buyer’s need to ascertain the property’s condition before committing to the purchase. For instance, a potential homeowner may hire a professional to examine the structural integrity, plumbing, electrical systems, and presence of pests.
Securing these evaluations benefits the purchaser by providing a detailed understanding of the property’s current state, potentially revealing hidden issues and future repair needs. Historically, these assessments were less common, leaving buyers with less insight into the condition of their investment. The rise in popularity of property evaluations has empowered buyers and led to more informed purchasing decisions.
