11 - The Termite Report.
escrow is opened, a termite report
is ordered for the property as stipulated
in the RPA. The termite report is
traditionally paid for by the Seller
and is divided into two areas:
1 reports existing termite infestation
and damage and is traditionally corrected
and paid for by the Seller. Section
1 items must be cleared before the
Buyer's lender will fund a loan on
the property. Please note that Section
1 repair work could involve "tenting"
the premises, sometimes a costly procedure.
As such, we advise our sellers to
have a termite report ordered at the
time of listing their property to
be aware of what costs to expect.
2 reports items that may lead to future
termite problems, otherwise known
as preventative issues. The Buyer
only pays for Section 2 work if they
want to, and few buyers do.
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