Q: Why is a home inspection important, and what should buyers and sellers do with the information?

A: It is standard practice for a residential real estate contract to include an option period for the buyer to inspect the property. The option period is negotiable, but usually is 10 days.

It is very important for the buyer to take advantage of the opportunity to inspect the property.

Although the seller is obligated to disclose material issues with the house, the buyer should hire his or her own expert to evaluate the condition of the house.

An inspection often satisfies two purposes. On the one hand, it furnishes the buyer with information about the condition of the house so the buyer can decide whether to seal the deal. Secondly, it often affects the ultimate purchase price of the house because the inspection report may identify some issues with the condition of the house that the seller will acknowledge are worthy of repairs. In such instances, the seller will often reduce the price of the house by an agreed-upon amount to cover those repairs.

— Beth Lefkowitz, Coldwell Banker United Realtors-Bellaire, 713-349-9700