Interesting information out of Cleveland, OH
The Point of Sale Inspection required by many cities in Cleveland is a way for cities to keep their aging housing stock from falling further into disrepair which affects all house values in the neighborhood. Here’s how it works: As a condition of transferring title at closing, the seller must either show evidence that the violations have been corrected or escrow enough money to have the buyer fix the violations shortly after closing. A couple of examples of violations would be peeling paint on the outside of the home or a chimney that needs re-pointing. The Point of Sale Inspection has proven to be a very effective tool in keeping houses maintained and house values high. Other cities around the US should learn from Cleveland’s success and adopt a similar policy to help maintain the value of their housing.