In the state of Arkansas, the right to a home inspection is written into the Real Estate Contract. All buyer's have the right to inspect within ten days of the Offer To Purchase being accepted by the seller.
The seller is required to allow the buyer to inspect.
There are rare situations where the buyer waives their right to inspect. It is not anything that I would ever recommend, but the buyer is ultimately responsible for making that decision.
After a home buyer has had the inspection performed, they receive a report from the Inspection company detailing all of the items that the Inspector notated.
Upon receipt of the Inspection report, the buyer and Realtor will work together to develop a list of repairs if any are requested. This is executed on the Form: Inspection, Repair, and Survey Addendum.
When the Inspection, Repair, and Survey Addendum is submitted to the Selling Agent/Seller, they have five days to respond to the request. They can agree to all of the repairs, some of the repairs, offer a monetary amount in exchange, or even refuse any repairs.
If the buyer doesn't agree to the response from the seller, the contract itself is under a possibility of being terminated based on Inspection.
Only rarely do the buyer and seller not come to an agreement that is satisfactory to both parties.
A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings. The client then uses the knowledge gained to make informed decisions about their pending real estate purchase. The home inspector describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components.
A home inspector is sometimes confused with a real estate appraiser. A home inspector determines the condition of a structure, whereas an appraiser determines the value of a property. In the United States, although not all states or municipalities regulate home inspectors, there are various professional associations for home inspectors that provide education, training, and networking opportunities. A professional home inspection is an examination of the current condition of a house. It is not an inspection to verify compliance with appropriate codes; building inspection is a term often used for building code compliance inspections in the United States. A similar but more complicated inspection of commercial buildings is a property condition assessment. Home inspections identify problems but building diagnostics identifies solutions to the found problems and their predicted outcomes.