Press Releases

MOUNTAIN VIEW, Calif., Sept. 15, 2003 – You want to buy a house. Despite a slight rise, interest rates are still at historic lows – what better time to buy? And while a home is the largest investment most of us will ever make, buying a home doesn't have to be a nerve-racking process. (Well, maybe it has to be a little bit nerve-racking.)

So, how do you know your investment won't fall apart a few years down the road? You don't want to start paying for major repairs the moment you move in. To ease that concern, homebuyers and sellers are encouraged to have a thorough housing inspection done before they sign their final purchase agreement.

In a 2001 survey by the National Association of Realtors, 99% of real estate agents recommended that the buyer get a home inspection. In some states, such as California, laws require that sellers disclose certain information about the property once a written offer has been made. Home inspections not only benefit the buyers of a home, but they help prevent sellers and realtors from being held liable should something go awry. To get additional information on real estate law in your state, go to the legal information Web site FindLaw.com.

"The home inspection can provide valuable information about a property before the buyer chooses to make it his or her home," says Brian W. Blaesser, partner, Robinson & Cole, LLP, co-chair of the firm's Land Use Group and author of Discretionary Land Use Controls: Avoiding Invitations to Abuse of Discretion, 6d, published by West. "Also, the home inspection limits the liability of both the seller and the real estate agent because, once completed, full disclosure has been made."

Blaesser says a professional home inspection should be done after the written offer to purchase has been accepted by the seller. Many buyers make their offers contingent on inspection.

FindLaw.com offers the following suggestions for housing inspections.

Conduct your own inspection first
Ideally, buyers should do this before making a formal written offer. Make sure there are no visible problems that even your untrained eye could discover before you spend money on a professional inspector. There are several useful do-it-yourself inspection books available to help with this.

Hire a general contractor
Have a licensed housing inspector review all major housing systems, including the roof, plumbing, electrical and heating systems, and drainage. These inspections can take two to three hours and cost between $200 and $500.

Accompany the inspector
By involving yourself in the inspection process, you will learn more about the maintenance and preservation of the house and get answers to questions you may have.

Specialized inspections
Depending on the history of the property, you may want to arrange specialized inspections for pest damages, hazards from floods, earthquakes or other natural disasters and environmental health hazards such as asbestos and lead.

Get a written report
For sellers, a written report can prevent liability charges in the future, while buyers can use the report to negotiate repair payment clauses during the contract process.

"Because a home inspection occurs before the transaction is completed, a buyer who finds defects can use the home inspection as the basis for renegotiating the terms of the deal," says Blaesser. "In the event the home inspection reveals a problem, the buyer can go to the seller to demand that the problem be corrected, or that the selling price be reduced to offset the cost of correcting the problem."

So how do you choose an inspector? Blaesser says, "Anyone looking to hire an inspector should first ask whether the inspector holds all the necessary licenses to perform home inspection services."

Blaesser also suggests buyers ask if the inspector is insured, how long he or she has been in the business, exactly what the inspector does and does not inspect, how long the inspection will last, how much it will cost, and finally, what type of report will be issued upon completion of the inspection.

"A good home inspector should be willing to provide all of this information, will likely belong to a professional trade association, and should be willing to provide references," says Blaesser.

For more information on housing inspections, tips on how to select an inspector or to find an attorney, check out free legal information sites such as FindLaw (www.findlaw.com).

# # #

About Findlaw
FindLaw (www.findlaw.com) is the leading provider of online legal information and solutions for the legal community, businesses and individuals. The FindLaw Internet portal is the highest-trafficked legal Web site, according to leading independent Internet-traffic-monitoring services. The site provides comprehensive, plain-English legal information to businesses and individuals. These resources include West Legal Directory®, the Internet's largest directory of lawyers and legal professionals. FindLaw also offers comprehensive information, resources and services for law practice and legal career development, including free case law, an online career center, breaking legal news, newsletters, message boards, service directories, continuing legal education and legal search tools. In addition, FindLaw provides access to tools and services that help connect legal professionals with potential clients. FindLaw is a Thomson business (TSX: TOC; NYSE: TOC).

About The Thomson Corporation
The Thomson Corporation (www.thomson.com), with 2002 revenues of $7.8 billion, is a global leader in providing integrated information solutions to business and professional customers. Thomson provides value-added information, software applications and tools to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. The corporate common shares are listed on the Toronto and New York stock exchanges (TSX: TOC; NYSE: TOC).