Inspections & Appraisals

The Buying Process

Initial Agreement and Earnest Money Deposit

Once an offer is accepted, the purchase agreement becomes a legally binding contract between the buyer and seller. It is important to keep accurate written records of all offers, counteroffers, amendments, and signed documents throughout the transaction. Meeting all agreed-upon deadlines and contract timelines helps keep the purchase process moving smoothly and on schedule.

The Closing Agent

A title company or real estate attorney typically acts as the escrow and closing agent during the transaction. The closing agent is responsible for holding funds, preparing and reviewing documents, researching title history, and ensuring all legal requirements are properly completed before closing. Any contingencies outlined in the purchase agreement must be satisfied before the transaction can officially close.

How to Hold Title

There are several ways property ownership can be legally structured, and each option may affect taxes, financing, inheritance, and future transferability. Buyers are encouraged to consult with an attorney or tax professional to determine the best ownership structure for their specific situation. We are happy to recommend trusted legal and financial professionals when needed.

Property Inspections

Scheduling a licensed home or property inspection is an important step in protecting your investment. Inspections should be completed within the timeframe outlined in the purchase agreement. Inspectors evaluate the condition of the property and may recommend additional specialists for areas such as roofing, plumbing, electrical systems, HVAC, or structural concerns. Commercial properties may also require environmental studies or soil testing. If inspections reveal concerns, buyers may have the opportunity to negotiate repairs, request credits, or revise contract terms before removing contingencies.

Appraisals and Financing

Maintain regular communication with your lender throughout the financing process and promptly provide any requested documentation. If financing is involved, the lender will typically require a licensed appraisal to verify the property’s market value. Appraisals consider factors such as property condition, square footage, location, comparable sales, and income potential when applicable. Buyers should confirm final loan approval status with their lender several weeks prior to closing.

Association Approval

Certain properties, including condominiums and homes within homeowner associations, may require association review or approval before closing. Buyers should carefully review all association documents, bylaws, fees, and community regulations while meeting all submission deadlines required by the association. When applicable, the closing agent will record association approvals as part of the final transaction documents.

Property Insurance

Most lenders require proof of insurance before closing. Homebuyers should secure an appropriate homeowners insurance policy, while investment property owners may need landlord or rental property coverage. Insurance policies can help protect against losses related to fire, theft, liability, weather-related damage, and other covered events.