Step-by-Step Process
Inspections.
Once your offer is accepted by the seller, you will need to have a licensed property inspector inspect the property within the time frame that was agreed upon. You may elect to have different inspectors inspect the property, such as those who specialize in a specific area (Roof, HVAC, Structural, Septic). We can provide a list of inspectors if needed.
If after inspections there are items in need of repair or replacement we will draft the Amendments and handle negotiations for you with the seller.
Appraisal & Financing Contingencies
It is imperative that you keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. If the agreement is conditional upon an Appraisal and Financing contingency these need to be completed within the timeframe agreed upon.
The property will be appraised by a licensed appraiser to determine the value for the lending institution, via a third party. This is done so that the lending institution can confirm their investment in your property is accurate. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, and recent sales of comparable properties.
Your lender will notify all parties when they have everything and we are Clear to Close!
Closing Attorney
The closing attorney will hold the deposit in escrow and 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.
Home Owner Association (if applicable)
If the property that you are purchasing is in a community with a Home Owners Association we will obtain the rules, regulations, and other important documents from the seller as soon as you have a signed contract. All applicable fees will be paid at closing.
Property Insurance.
If you are obtaining a loan, you will be required by your lender to purchase a certain amount of insurance on the property. The value will depend on the lending institution and the purchase price of the property.
Ask your insurance agent about discounts. You may be able get a lower premium if your home has certain safety features.
We will be happy to recommend experienced knowledgeable insurance agents for every property type