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ESCROW INSPECTIONS AND APPRAISALS

INSPECTIONS & APPRAISALS

Most of the time, a licensed property inspector is sent out by the buyer to inspect the property. Sometimes, a buyer might send out multiple inspectors for specific areas of the home (roof, HVAC, structure, etc). If your contract is conditional upon financing, a licensed appraiser will be sent out to determine the value of the property.

THE CLOSING AGENT

Typically, a title company is selected as a closing agent, although sometimes attorneys can be selected as well. Title companies examine and ensure that your home’s title is clear. They will research and update your home’s property history. This will certify that your title is free and clear by the date of closing.

CONTINGENCIES

Contingencies are conditions that have to be met before a contract becomes legally binding. For instance, a buyer will usually include a contingency that the contract will be binding when the home inspection report is satisfactory. Before completing the purchase, the buyer goes over every aspect of the property. Depending on the outcome of the inspection, either the contingency will be removed or, if the inspection is not satisfactory, the buyer will request a renegotiation.

LOAN APPROVAL AND APPRAISAL

It is always a good idea to accept a contract from a buyer who has been pre-approved from a lender. Their pre-approval can be verified via approval letter or a written loan commitment. This better guarantees that a loan will be approved.