Escrow, Inspection and Appraisals
Agent & Price
A licensed property inspector and/or several specialized inspectors will be retained by the buyer to carry out their required duties. In addition, a licensed real estate appraiser will be required by the buyer’s lending firm.
The Closing Agent
A title company or attorney, acting as the closing agent, will carry out the research needed to ensure a clear title. If there are any new encumbrances they will be included in the new title.
The buyer and buyer’s agent will examine and analyze every aspect of the property, including:
- All documents
- Professional inspections such as roof, fireplace, chimney, pest, septic, pool, well, mold, lead-based paint and so on.
Depending on the outcome of the inspections, one of two things may happen:
- Removal of contingencies and moving a step closer to closing, or …
- The buyer may request repairs or, in rare cases, contract renegotiation.
Vital aspects of any real estate transaction, meeting contingencies and finding creative solutions to problems are hallmarks of the best real estate professionals. Lisa Teach & Associates enjoy an impeccable track record when it comes to the resolution of contingency matters.
In most cases, only potential buyers presenting a lender’s pre-approval letter or written loan commitment should be considered.