Agent & Price
An Offer Escrow
Inspections and AppraisalsMost buyers will have the property inspected by a licensed property inspector within the time frame that was agreed upon in the contract (usually 10 days) . Some buyers will have several different inspectors inspect the property, if they wish to obtain professional opinions from inspectors who specialize in a specific area they have additional concers for (eg. roof, HVAC, structure). If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending company or Bank via third party. This is done so that the lending institution can confirm their investment in your property is accurate.
The Closing AgentEither a title company or an attorney will be selected as the closing agent, whose job is to examine and insure clear title to real estate. After researching the complete recorded history of your property, they will certify that 1) your title is free and clear of encumbrances (eg. mortgages, leases, or restrictions, liens) by the date of closing; and 2) all new encumbrances are duly included in the title.
ContingenciesA contingency is a condition that must be met before a contract becomes legally binding. For instance, a buyer will usually include a contingency stating that their contract is contingent only when there being satisfied with the home inspection, Or approval during due diligence period.Before completing his or her purchase of your property, the buyer goes over every aspect of the property, as provided for by purchase agreements and any applicable addendums. These include:
Obtaining financing and insuranceReviewing all pertinent documents, such as preliminary title reports and disclosure documents; and inspecting the property. The buyer has the right to determine the condition of your property by subjecting it to a wide range of inspections, such as roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, lead based paint, HVAC, etc.
Depending on the outcome of these inspections, one of two things may happen:
1. Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the closing; or
2. The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of contract either the price or repairs be made to items buyer finds unacceptable.
How do you respond objectively and fairly to the buyer when a request is asked for on things such as a repair, while acting in your best interests? This is when a professional listing agent can make a real difference in the outcome of the transaction. Having dealt with various property sales in the past, we guarantee our expertise and total commitment to every customer, no matter what their situation is.