Inspections & Appraisals

The Process

Initial Agreement and Deposit

A written agreement between buyer and seller sets timelines and obligations. Keep written records of all offers, counter-offers, and addenda; we can assist with drafting and documentation.

The Closing Agent

A title company or attorney will act as escrow to hold and distribute funds and confirm a clear title. All contingencies in the purchase agreement must be satisfied before closing.

How to Hold Title

There are different ways to hold titles, each with legal and tax implications. Consult an attorney or tax advisor; we can connect you with trusted professionals.

Inspections

Schedule a licensed property inspector within the agreed timeframe. Inspectors evaluate the property’s condition; specialty inspections (roof, plumbing, environmental reports for commercial properties) may be advisable. If inspections uncover issues, you can renegotiate terms or request repairs before removing contingencies.

Appraisals and Lending

Stay in contact with your lender to ensure timely submission of documents. If your purchase is contingent on financing, an independent appraiser will confirm the property’s value. Verify loan approval approximately two weeks before closing.

Association Approval

If a homeowners association or condo board approval is required, request all rules and forms from the seller and meet the agreed deadlines. The final approval letter must be recorded at closing if applicable.

Property Insurance

Lenders typically require insurance. Homeowners should obtain homeowners insurance; landlords should secure landlord insurance for rental properties. Coverage protects against fire, theft, and many weather events.