First there is an inspection for the potential buyer, paid for by the buyer and thus owned by the potential buyer. This tells you if the house itself has problems like cracks and rot.
Second there is an appraisal to establish the home's value. Strangely, this person might not even enter the home. (they mostly look at sale prices of similar homes) To avoid corruption, the government randomly selects an appraiser. The appraisal is paid for by the potential buyer, then given to both the buyer and the intended loan provider.
Third, there is an actual survey. This measures the land and maps out the positions of buildings and fences and pavement and pools. I think the seller pays for this. I first heard of it as a buyer when I got a copy as I signed the final paperwork, which is pretty terrible actually.
If the sale is cancelled, the inspection and appraisal become worthless. The seller doesn't own them and isn't supposed to have a copy due to copyright. The next potential buyer will probably start with nothing.
First there is an inspection for the potential buyer, paid for by the buyer and thus owned by the potential buyer. This tells you if the house itself has problems like cracks and rot.
Second there is an appraisal to establish the home's value. Strangely, this person might not even enter the home. (they mostly look at sale prices of similar homes) To avoid corruption, the government randomly selects an appraiser. The appraisal is paid for by the potential buyer, then given to both the buyer and the intended loan provider.
Third, there is an actual survey. This measures the land and maps out the positions of buildings and fences and pavement and pools. I think the seller pays for this. I first heard of it as a buyer when I got a copy as I signed the final paperwork, which is pretty terrible actually.
If the sale is cancelled, the inspection and appraisal become worthless. The seller doesn't own them and isn't supposed to have a copy due to copyright. The next potential buyer will probably start with nothing.