Inspections & Appraisals

The Process

Initial Agreement and Deposit

A signed purchase agreement creates a legal framework and timeline for inspections, financing, and closing. Keep written records of offers, counteroffers, and addenda—your agent can draft and provide copies for all parties.

The Closing Agent

A title company or attorney will serve as escrow (closing agent) to hold funds and ensure a clean title. They will confirm title history, resolve encumbrances, and manage distribution of funds at closing. All contingencies in the Purchase Agreement must be satisfied before escrow closes.

How to Hold Title

Ownership can be held in several ways, each with different tax, financing, and transfer implications. We recommend consulting an attorney or tax advisor; we can introduce trusted local professionals.

Property Inspections

Schedule a licensed property inspector within the agreed timeframe. Inspectors assess overall condition and can flag issues. Consider specialist inspectors (roof, plumbing, HVAC) as needed. For commercial properties, lenders may require environmental or soil testing. If inspections reveal undisclosed issues, you may request renegotiation. Once satisfied, contingencies are removed.

Appraisals and Lending

Stay in close contact with your lender and provide requested documents promptly. If financing is a condition, the lender will order a third-party appraisal to validate the property’s market value. Confirm loan approval two weeks before closing to avoid last-minute delays.

Association Approval

Some properties require association approval. Request governing documents from the seller, and follow the Purchase Agreement timeline to submit any required paperwork. Your closing agent will obtain the approval letter for recording with the deed.

Property Insurance

Lenders typically require property insurance. If you’ll live in the home, secure homeowners insurance; for rental properties, obtain landlord insurance. Coverage protects against fire, theft, and certain weather events.