Is there a warranty included with my home purchase?
Generally no, although there are companies that offer one-year warranty packages at an additional cost.
The biggest protection offered you when buying a previously owned home is the home inspection clause found in the purchase and sale agreement. This clause typically grants you 5–10 busniess days to perform an inspection on the home after agreeing to buy it. Some buyers perform the inspection themselves while others hire a professional inspector (at about $250–$275) to perform a 2- to 4-hour inspection of the property, providing an in-depth report on the condition of the home. You have the right, within the 5- to 10-day period, to submit a list of repairs you require to the seller. The seller may either perform the repairs or re-enter a negotiation phase with you. If no agreement can be reached, the contract is void, and your earnest money is refunded.