Inspections, Appraisal and Title Company

Title company and escrow holder. You will need to select a title company, which will act as a neutral third party holding all instruments necessary to the sale, including funds and the deed. The title company will research the complete recorded history of the property to insure that the title will be free and clear of encumbrances by the date of closing and that all new encumbrances will be properly added to the title. Some properties are subject to restrictions that limit various activities. There may also be recorded easements and encroachments where others have limited rights to use your property.

How to hold title. You may wish to consult with an attorney or tax advisor on the best way to hold title. Different methods of holding title have different legal, estate and tax implications, especially when selling or otherwise transferring the property in the future.

Inspections. Once the seller accepts your offer, you'll need to have professional inspectors evaluate your home's major components. Your HomeSense® Realty Agent may recommend other inspections, such as roof, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist and/or mold.

Appraisal and lending. Keep in close communication with your Mortgage Company, who will let you know when additional documents are needed to approve your loan application and fund your loan. The Mortgage Company will often send an appraiser out to the property and you may need to pay a fee for this service. 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. When you are within two weeks of closing, double check with your Mortgage Company to be sure the loan will go through smoothly and on time.

For more information on any of these issues, contact a local HomeSense® Realty Agent.