Inspections & Appraisals

The Process

Initial Agreement and Deposit

A signed purchase agreement creates a legal pathway to closing. Keep detailed written records of offers, counteroffers, and addenda. Adhere to the agreed timeline to avoid delays.

The Closing Agent

A title company or attorney typically serves as escrow. The escrow agent holds funds, reviews title history for encumbrances, and ensures all contingencies are satisfied before closing.

How to Hold Title

Title ownership methods affect transferability, financing, and taxes. Consult an attorney or tax advisor—if you’d like, we can refer trusted professionals.

Inspections

Schedule licensed inspectors within the agreed contingency window. You may engage specialists for roofing, plumbing, or HVAC. For commercial purchases, environmental or soil testing may be required. If inspections reveal issues not covered in the agreement, you can renegotiate terms or request repairs. Once satisfied, contingencies are removed.

Appraisals and Lending

Stay in close contact with your lender to supply any required documents. Lenders typically require a third-party appraisal to confirm market value. Confirm loan approval status approximately two weeks before closing.

Association Approval

If the property is governed by an association, request rules and documentation from the seller and submit required approvals within the agreed timeframe. Your closing agent will record the association approval with the deed as needed.

Property Insurance

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