Inspections & Appraisals

The Process of Buying

Initial Agreement and Deposit

We guide you through every stage of the property buying process, ensuring a seamless and stress-free experience. Here’s what to expect:

Initial Agreement and Deposit

An effective agreement between you and the seller is crucial for a smooth transaction. Here are key tips to streamline the process:

• Keep Written Records: Document all agreements, counter-offers, and addendums. Our team can draft and provide copies for all parties.
• Stay on Schedule: Follow the timeline provided to complete each stage of the real estate closing process promptly.

The Role of the Closing Agent

After signing the contract, a title company or attorney will act as the escrow, or closing agent. They manage all funds, verify the title is clear of encumbrances, and ensure new encumbrances are properly added. Before the transaction closes, all contingencies in the Purchase Agreement must be met.

How to Hold Title

The method of holding title impacts ownership transfer, financing, and taxation. We recommend consulting an attorney or tax advisor to choose the best option for your property. Need assistance? We can connect you with our trusted attorney K. Vasken Babigian.

Inspections

ASchedule licensed inspectors to evaluate the property as outlined in your Purchase Agreement. Inspections may include specialized evaluations like roof or plumbing checks. For commercial properties, additional audits or soil tests may be required. If issues arise, you can renegotiate the terms of the contract. Once satisfied, contingencies are removed.

Appraisals and Lending

Maintain communication with your lender to ensure all documents are submitted promptly. If financing is a condition of your Purchase Agreement, a licensed appraiser will assess the property’s value. Confirm with your lender two weeks before closing to avoid delays.

Association Approval

If the property requires association approval, gather all rules, regulations, and documents from the seller. Submit the necessary paperwork within the agreed time frame. Once approved, your closing agent will record the certificate of approval with the deed.

Property Insurance

Property insurance protects your investment against damages such as fire, theft, and severe weather. Most lenders require coverage:

• Homeowners Insurance: If you plan to live in the home.
• Landlord Insurance: If you intend to rent the property as an investment.

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