Cheslik suggests that a seller order a termite inspection before he puts his property on the market because if termites have infested the house, it's best to treat the property immediately. And buyers tend to shy away from property that must be treated. The buyer usually pays for the mechanical inspection. But a mechanical inspection only guarantees that the electrical systems and so forth are functioning correctly on the day they're inspected. Thus, if an appliance or a furnace breaks down within a year or so after the purchase, the buyer need only satisfy any deductible fees, and the warranty covers the repair costs.
Some private buyers order environmental inspections.
But a corporate buyer can't afford the luxury of ignoring environmental concerns. In fact, he should run soil tests for pollutants. Id. Other checkpoints Cheslik also suggests that when a contract is contingent upon another act, such as the sale of a buyer's present home, that contract should also specify a time limit for that act to occur. It should also specify when the earnest money will be returned to the buyer, should his present home not sell. When a party to a sale is a corporation, a paralegal should check the state statutes to ensure the properly authorized person signs the contract, Cheslik warned.