Inspections & Appraisals

The Process

Initial Agreement and Deposit

A signed purchase agreement creates legal obligations for buyer and seller. Keep written records of verbal agreements, counter-offers, and addendums. We assist with drafting and preserving all documentation and monitoring timelines throughout the contract.

The Closing Agent

A title company or attorney acts as escrow (closing) agent to hold and distribute funds, verify title history, and ensure all contingencies are satisfied before closing. The escrow agent coordinates recording the deed and transferring ownership when all conditions are met.

How to Hold Title

There are multiple ways to hold title, each with tax, financing, and transfer implications. Consult an attorney or tax advisor to choose the best method for your situation. We can introduce trusted local attorneys and tax professionals.

Inspections

Schedule a licensed property inspector within the contract timeframe. Inspectors assess property conditions and may recommend specialty inspections (roof, plumbing, pest). For commercial purchases, environmental or soil tests may be required by lenders. If inspections uncover issues not addressed in the agreement, you can request contract renegotiation. Once satisfied, contingencies are removed.

Appraisals and Lending

Stay in close contact with your lender to provide documents they request. If financing is a contingency, the lender will order a third-party appraisal to confirm the property’s value. Appraisals consider building costs, square footage, income potential, and comparable sales. Confirm loan approval with your lender about two weeks before closing.

Association Approval

Some properties require an association approval. Request all governing documents and follow the timeline in your purchase agreement to submit required paperwork. The closing agent will record the association approval with the deed as needed.

Property Insurance

Mortgage lenders typically require insurance. Homeowners insurance protects against fire, theft, and certain weather-related damage; landlord insurance applies to rental properties. Review policy requirements with your lender and insurance agent.