Repairs other than electrical, plumbing, roof can be completed by a handyman.
Repairs may be paid by the buyer or seller. If the buyer agrees to pay for repairs, additional monies must be verified to cover the additional repairs.
The Veteran must sign the report and the following verbiage must be typed on both the 1st page of the report and the clearance, "I have received, read and approved a copy of the Termite Report and hereby certify that it was ordered at no cost to me"
Note: The Borrower (Veteran) cannot pay for the termite report. The veteran can pay for the required repairs.
A condominium is subject to the same inspection requirements as a Single Family or PUD. The inspection is to include the unit, attached and/or detached garage, and other structures that are a part of the subject.
Limited reports are acceptable on a condominium due to the homeowner associations being responsible for the common areas. The termite company will only inspect the interior of the unit.
Conventional & FHA
If a Termite Report reveals problems with sections of the condo held in common with other owners, the work will need to be completed by the Homeowners Association. If the work cannot be completed by the close of escrow, a letter from the Homeowners Associated detailing the following is required prior to closing:
- Date of the scheduled repairs ( not to exceed 30 days from the close of escrow)
- Name of contractor awarded the work.
- Acknowledgment that the funds necessary to pay for the repairs have been budgeted
VA no longer requires the Underwriter to condition for a Pest Inspection on Condominiums. If the Appraisal or Purchase Contract requires an inspection to be performed, the Pest Inspection as a condition of approval. If a Termite Report reveals problems with sections of the condo held in common with other owners, the work will need to be completed by the Homeowners Association.
There are specific and detailed requirements for new construction. If the property meets requirements in the International Residential Code (IRC) by the International Code Council (ICC) on protection against subterranean termites (specifically Sections R317 and R318), it is generally considered acceptable. Acceptable treatment methods for protection include chemical soil treatment, pressure preservative treated wood, naturally termite resistant wood, bait systems, or any combination of these methods.