Inspections and Appraisals
After an offer is accepted, buyers may have the property inspected by a licensed inspector within the timeframe established by the purchase agreement. Depending on the property and the terms of the transaction, buyers may also arrange specialized inspections or additional evaluations.
If the buyer’s purchase is contingent on financing, the lender may require an appraisal to evaluate the property’s value. Commercial properties may also involve additional evaluations based on the lender’s requirements.
Jamie can help you understand what to expect during these stages and navigate issues that arise during the transaction.
The Closing Agent
A title company or attorney may serve as the closing agent. The closing agent handles the title and closing process and coordinates the documents and funds required to complete the transaction.
Contingencies
A contingency is a condition that must be satisfied according to the terms of the purchase agreement. Common contingencies can involve financing, insurance, inspections, title matters, and other requirements.
During the contingency period, buyers may review property documents and conduct inspections related to areas such as the roof, HVAC system, structure, pests, pool or spa, mold, or other property-specific concerns.
Inspection findings or other due diligence may lead to requests for repairs, credits, changes to the purchase terms, or other negotiations, depending on the agreement.
This is where experienced representation can be especially valuable. Jamie can help you evaluate the buyer’s requests in the context of the contract and your goals, then negotiate a response.
Loan Approval and Appraisal
When a buyer is financing the purchase, the lender will work through the loan approval process and may require an appraisal. The appraisal helps the lender evaluate whether the property supports the purchase price for lending purposes.
Jamie will help monitor the transaction and keep you informed as the buyer works through financing and other requirements leading up to closing.