Inspections & Appraisals

The Process

Initial Agreement and Deposit

A written purchase agreement and deposit create a legal framework and timeline for completing inspections, financing, and closing. Keep written records of all negotiations and addendums.

The Closing Agent

A title company or attorney will act as escrow, holding funds and researching title history to confirm it’s clear by closing. All contingencies in the purchase agreement must be satisfied before escrow can close.

How to Hold Title

Different ownership structures affect transfer, financing, and taxes. Consult an attorney or tax advisor for guidance; we can refer trusted professionals.

Inspections

Schedule a licensed inspector within the agreed timeframe. Consider specialist inspectors (roof, plumbing) when appropriate. If major issues appear, you can renegotiate or request repairs. Once satisfied, contingencies are removed.

Appraisals and Lending

Stay in close contact with your lender and supply documents promptly. If financing is required, the lender will order an appraisal to confirm the property’s value. Check with your lender about approval timing at least two weeks before closing.

Association Approval

If an HOA or association approval is required, request rules and documents from the seller and meet deadlines in the purchase agreement. The closing agent will record the approval with the deed at closing.

Property Insurance

Most lenders require insurance. Purchase homeowners insurance if you’ll occupy the home, or landlord insurance for rental properties.