If you are selling a home, I recommend that you have both a contractor's inspection and pest report done before you market your home. It's to your negotiating advantage to have prospective buyer's know exactly what they will find if they order the inspections themselves. It gives the buyer maximum knowledge so that they put their best foot forward in making an offer without fear of hidden surprises.
As a buyer, you have the legal right to know the true physical condition of the property you are about to buy. The California State Law Legislature enacted a law in 1987 which requires sellers to 'affirmatively disclose information about the condition of the house they are selling.' This information is supplied to the buyer through a document called a Real Estate Disclosure Statement, also called 'TDS.' The law allows buyers to decide the terms for buying the house - based on the disclosure statement or buying on an inspection. The law requires a seller or agent to disclose any defects within their personal knowledge. This law replaces the old 'buyers beware' of home buying. As the buyer, you need to review the real Estate Transfer Disclosure statement or TDS, with your agent. As your agent, I will request all relevant inspection reports - pest, seismic hazard, etc. from the seller. I will also schedule the contractor's inspection and pest inspection for you and meet the inspectors at the property for the inspections.
Most buyers will be better served by using a home inspector before they move into their dream home. Local regulations may include smoke detector installation, insulation, requirements, or zoning restrictions and limitations. Inspectors usually charge $300 to $400; pest inspections are about $175.