A home inspection is a thorough visual assessment of a home conducted by a certified professional home inspector at a specific point in time. In Ontario inspectors are now required to be licensed. They are also known as building inspections or property inspections. Do I Need A Home Inspection in Toronto? Yes. Here’s why.
Home inspections typically get done just before a house gets sold. It was normal in Toronto in previous years for each potential buyer to conduct their own inspection. These days where multiple offers are the norm the seller will often commission an inspection for everyone to get access to. This is an advantage when it come to selling a home in Toronto.
While homes are inspected for a lot of reasons , the average home inspection occurs prior the sale of a home. This serves more than one purpose; to reveal any issues that might become problems for the buyer and to avoid any surprises during the negotiation process between the vendor and the purchaser.
A typical Toronto house inspection checklist would typically contain the following items:
1. Grade or slope of land towards the house and possibility of water seepage.
2. Age and condition of roofing material, shingles, gutters and spouts.
3. Condition of outer cladding, stucco, brick work, siding etc.
4. Age and condition of windows.
5. Presence of knob and tube, aluminium wiring, GFIs, grounded outlet and heat generation at the electrical board.
6. Age and condition of the mechanicals, HVAC systems and air conditioners.
7. Insulation in the ceiling or attic space.
8. Structural damage due to compromised floor joists or load displacement.
It is common to insert a Home Inspection clause in a schedule attached to an offer. This protects the buyer if an inspection reveals major issues that causes the buyer to reconsider the offer. Sometimes the issues can be remedied by a price abatement. Even if the seller provides an inspection a potential buyer can insist of conducting their own.
You can get a mortgage without a home inspection. However if an inspection reveals the need for costly repairs it could affect the buyers willingness to commit to the repairs. Insurance companies will want to know about the extent of knob and tube in the house. Sometimes they will offer a grace period after purchase to replace elements of the electrical service. Waiving a home inspection is something a lender may not want to see.
It has become common in Toronto’s housing market to submit offers without a home inspection clause. This is what’s called a clean offer. It is one less impediment between the buyer and the seller to negotiate a successful sale. We don’t recommend this but in order to remain competitive a purchaser may see fit to do this.
A home inspection will typically include a walk-through tour of the house during which the condition of the property is closely scrutinized, any defects and deficiencies are noted, and recommendations for repair are made. During the home inspection the inspector will look for issues that could have significant impact from a health and safety perspective, or purely from a financial standpoint.
It is essential that purchasers of newly built homes inspect the building before assuming possession. The Pre Delivery Inspection usually takes place a week or two before closing. This allows the builder some time to address deficiencies. Virtually all new homes and condominiums in Ontario are required to register with the Tarion Warranty Corporation. They administer Ontario’s new home warranty act. The PDI is a mandatory step in fulfilling the warranty obligations of the builder. It acts as the official record of the condition of a home before the buyer moves in. Every facet of the construction needs to be checked. We recommend getting a professional. There are many sources online of PDI checklists for new homes.
Prepare for your Pre-Delivery Inspection
Use Tarion’s PDI Checklist
Carefully Examine Your Home
Get it in Writing on Your PDI Form
If you’re purchasing a newly built (new build) Condo you still need to go through your unit and its locker or carpark to make sure everything works. Make sure you understand every aspect of your Agreement Of Purchase And Sale (APS) so you’re not leaving anything on the table between you and the builder.