Inspections & Appraisals

The process

Initial agreement and deposit

A purchase agreement is a legal contract between buyer and seller. Keep written records of all negotiations, offers, counter-offers, and addenda. Meet the deadlines outlined in the contract to avoid unnecessary delays.

The closing agent

A closing attorney will act as escrow and hold funds until closing. The closing attorney ensures the title is clear of encumbrances and that all agreed contingencies are resolved before funds and ownership are transferred.

How to hold title

There are different methods to hold title, each with tax, financing, and ownership implications. Consult an attorney or tax advisor to determine the best option for your situation. We can connect you with trusted local advisors.

During your Due Diligence period, schedule a home inspection and survey within the agreed timeframe. Inspectors evaluate the home’s condition and spot issues that may require negotiation or repairs.

Appraisals and lending

Stay in close contact with your lender for document requests and timelines. If your loan is conditional on financing, the lender will order a third-party appraisal to confirm the property’s value. Appraisers base value on comparable sales, building costs, income potential, and more.

Association approval

If the property is in a homeowners’ association, request all rules, dues, and required documents from the seller.

Property insurance

Most lenders require property insurance. Homeowners insurance covers owner-occupied dwellings; landlord insurance is required for rental properties. Policies protect against fire, theft, and many weather events—confirm requirements with your lender.