Inspections & Appraisals

The Process

Initial Agreement and Deposit

A purchase agreement is a binding document between buyer and seller. Keep written records of all communications, counter-offers, and addenda. We assist with drafting and maintaining clear documentation and timelines so each milestone is met.

The Closing Agent

A title company or attorney will act as the neutral escrow agent, holding and distributing funds, confirming title history, and ensuring all agreed contingencies are satisfied before closing.

How to Hold Title

Title ownership methods affect transfer, financing, and taxes. Consult an attorney or tax advisor to choose the best option for your circumstances; we can refer trusted advisors.

Inspections

Schedule a licensed property inspector within the agreed timeframe. Consider specialists for roofs, plumbing, or other systems when appropriate. For commercial purchases, environmental audits or soil tests may be required. Inspection findings can justify renegotiation if issues arise. Once satisfied, contingencies are removed.

Appraisals and Lending

Stay in close contact with your lender for document requests and appraisal scheduling. Lenders typically require a third-party appraisal to confirm value. Appraisers assess value using comparable sales, building costs, and income (for rentals). Confirm loan approval status with your lender two weeks before closing.

Association Approval

If the property requires association approval, obtain all governing documents from the seller and meet the agreed submission timeline. The closing agent records the approval with the deed when closing.

Property Insurance

Lenders usually require insurance. Homeowners insurance covers owner-occupied properties; landlord insurance is required for rentals. Choose coverage appropriate to the property and financing requirements.