A property being advertised as ”condition inspected” should not be interpreted as ”free of defects”. A standard condition inspect does not guarantee that no concealed defects will be detected later on.
For the buyer, a condition inspection done by a qualified inspector commissioned by the seller is beneficial, as it serves to provide information regarding the general condition of and maintenance needs related to the property. If the buyer has experience with single-family houses and an understanding of the maintenance and repair needs related to an aging building, a standard condition inspection may not be necessary.
The description of various aspects of an aging building in engineering jargon may at first glance make the reader think that the property is fraught with problems. In many cases, however, the property is simply an aging building which has certain aspects that require renovation or improvement.
Even if a condition inspection has been done, the buyer should also inspect the house on his own. After the transaction has been concluded, the buyer may not demand a price adjustment based on reasons which are mentioned in the condition report or should have become apparent in the buyer's own inspection of the property.
The condition inspection report is not a list of defects which the buyer can refer to and expect that the price of the property will automatically come down dramatically. Generally, the age of the building has already been considered in setting the asking price.
It pays to carefully read and become familiar with the condition report. If there is anything unclear or ambiguous about the report, contacting the author of the report is recommended.
The condition inspection is often only done after a bid has already been made. In such a case, it is a good idea to include a resolutive condition in the bid stating that the bid is cancelled if the condition inspection reveals facts that may affect the sales price of the property.