Escrow inspections & appraisals
Inspections and Appraisals
Most buyers will hire a licensed property inspector to examine your property within the time frame outlined in the contract. Some buyers may even bring in multiple inspectors who specialize in specific areas, such as roofing, HVAC, or structural integrity, to get professional opinions. If the agreement is contingent on financing, the property will also be appraised by a licensed appraiser. This appraisal helps the buyer’s lender confirm that their investment aligns with the property’s value. For commercial properties, buyers may conduct additional evaluations, such as environmental audits or soil tests, as required by the lending institution.
The Closing Agent
A title company or an attorney will act as the closing agent. Their role is to ensure the property’s title is clear and free of encumbrances, such as mortgages, liens, leases, or restrictions, by the time of closing. After reviewing the complete recorded history of your property, they’ll certify the title and ensure any new encumbrances are properly included. I’ll help coordinate and oversee this process to ensure there are no surprises along the way.
Contingencies
A contingency is a condition that must be met before a contract becomes legally binding. For example, most buyers include a contingency requiring a satisfactory home inspection report from a qualified inspector.
Before completing the purchase, buyers typically evaluate several aspects of the property, such as:
- Obtaining financing and insurance.
- Reviewing critical documents, including preliminary title reports and disclosure documents.
- Inspecting the property. Buyers often conduct various inspections, such as for the roof, termites/pests, HVAC, mold, pool/spa, and more.
Depending on the results of these inspections, one of two things can happen:
- The milestones are successfully completed, the contingencies are removed, and you move one step closer to closing.
- The buyer may request a renegotiation of the contract terms—often related to price or repairs—based on their findings.
How do you respond to a renegotiation request objectively and fairly while protecting your best interests? This is where I step in to make a real difference. Having handled a wide range of property transactions, I bring expertise and commitment to ensuring your transaction is as smooth and favorable as possible.
Loan Approval and Appraisal
I strongly recommend prioritizing buyers who provide a lender’s pre-approval, approval letter, or written loan commitment. These are more reliable indicators of loan approval than pre-qualification or no documentation at all. Once an offer is accepted, expect an appraiser from the buyer’s lender to review your property and confirm the sales price is appropriate. I’ll guide you through this process, ensuring the appraisal and financing steps progress seamlessly.
