Escrow, Inspections, and Appraisals 

An effective agreement is a legal arrangement between a potential purchaser and the property’s seller. To streamline the process, it’s essential to keep written records of everything. Transcribing all verbal agreements, including counter-offers and addendums, into signed written agreements will provide clarity and protect both parties. I will assist you in drafting all the necessary paperwork for your purchase and ensure you have copies of

everything.

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Stick to the Schedule

Once you have chosen your offer, a timeline will be established to mark every stage in the process of closing the real estate contract. Adhering to this schedule ensures a smoother flow of negotiations and helps prevent any breaches of agreement. Throughout the process, I will keep you constantly updated, so you are always prepared for the next step.

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The Closing Agent

A title company or attorney will be selected as your closing agent. This agent will hold the deposit in escrow and research the complete recorded history of the property to ensure that the title is free and clear of encumbrances by the closing date. They will also identify any restrictions, easements, or encroachments that may affect your rights to use the property.

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How to Hold Title

It’s advisable to consult an attorney or tax advisor regarding the best way to hold title, as different methods have varying legal, estate, and tax implications, especially when selling or upon the death of the title holder.

 

Inspections

Once your offer is accepted, a licensed property inspector will need to assess the property within the agreed timeframe. You may choose to have multiple inspectors for specialized evaluations (e.g., roof, HVAC, structure). If you are purchasing a commercial property, an environmental audit may be required. I can recommend several qualified inspectors to assist you. Depending on the inspection outcomes, you may either proceed with the closing process or request a renegotiation of the contract terms, typically regarding the price.

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Appraisal and Lending

Maintaining close communication with your lender is crucial, as they will inform you of any additional documents needed to approve your loan application. If financing is a condition of the agreement, a licensed appraiser will evaluate the property to determine its value for the lending institution. This appraisal process ensures that the lender's investment is sound. As you approach closing, double-check with your lender to ensure a smooth loan process.

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Association Approval

If your purchase is contingent upon association approval, request the necessary rules, regulations, and documents from the seller as soon as you have an effective agreement. Ensure that your application and processing fees are submitted on time, and fill out all information completely to avoid delays. If an interview with the association is required, schedule it promptly. Your closing agent will ensure that the original approval letter is brought to closing for recording with the deed.

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Property Insurance

If you are obtaining a loan, your lender will require you to purchase property insurance. The amount will depend on the lending institution and the purchase price. You may save significantly on homeowners insurance by shopping around. Consider increasing your deductible, asking about discounts for safety features, and ensuring you insure the house, not the land beneath it. I can recommend experienced insurance agents for every

property type to help you find the best coverage.