Inspections & Appraisals

The Process

Initial Agreement and Deposit

A signed purchase agreement creates a binding framework between buyer and seller. Maintain written records of all agreements, counter-offers, and addenda. Adhere to timelines in the contract to keep the transaction on track.

The Closing Agent

A title company or attorney typically acts as the neutral escrow or closing agent, holding deposits and coordinating funds until closing. The escrow agent also verifies that the title is clear and ensures that contingencies are satisfied before recording the deed.

How to Hold Title

Multiple title-ownership structures affect transfer, financing, and taxation. Consult an attorney or tax advisor to determine the best option for your situation. We can connect you with trusted advisors in the area.

Inspections

Schedule a licensed property inspector within the contract timeframe. Inspectors identify issues—often prompting renegotiation or repairs. For commercial purchases, additional tests like environmental audits may be required. Once inspections meet your expectations, contingencies are removed.

Appraisals and Lending

Stay in close contact with your lender and supply requested documents promptly. If financing is required, a third-party appraiser will confirm the property's market value. Confirm loan approval two weeks before closing to avoid last-minute delays.

Association Approval

If the property is governed by an association, request all rules and required documents from the seller and submit any approval paperwork within the agreed timeframe. The original approval should be recorded with the deed during closing.

Property Insurance

Most lenders require property insurance. Choose homeowners insurance for owner-occupied properties or landlord insurance for rentals to protect against fire, theft, and certain weather events.