Escrow, Inspections & Appraisals
Inspections & Appraisals
Most buyers will have the property inspected by a licensed property inspector within the time frame that was agreed upon in the signed home inspection addendum. If the buyer is working with a bank to secure financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution via third party. This is done so that the lending institution can confirm their investment in your property is accurate.
The Closing Agent
We can provide a list of regional title offices that assist in title research and signing of all real estate closings. The title office will research the complete recorded history of the property to ensure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are properly added to the title. Some properties are subject to restrictions which limit various activities such as building or parking restrictions. There may be recorded easements and encroachments, which limit the rights to use your property.
A contingency is a condition that must be met before a contract becomes legally binding. Examples of potential contract contingencies may include:
- Obtaining financing and insurance.
- Reviewing all pertinent documents, such as preliminary title reports and disclosure documents.
- Buyer finds their home inspection as acceptable and both parties agree on any repairs.
After each milestone is successfully closed and the contingencies are removed, you are one step closer to closing!