Inspections, Appraisals and Closing

Inspections and Appraisals

Most buyers have the property inspected by a licensed inspector within the timeframe set in the sales contract. After that first inspection, you may want further opinions from licensed contractors who specialize in a specific field such as roof, HVAC, pest, mold or structure.

If your purchase is conditional upon financing, the property will be appraised by a licensed appraiser chosen by the bank so the lender can confirm the value of its investment. A buyer of commercial property may also arrange a full environmental audit or soil test if the lender requires it.

The Closing Agent

Either a title company or an attorney serves as the closing agent. They examine and insure clear title for you as the new owner, confirm there are no open liens or permits on the property, prepare all closing documents including the payoff of any current mortgages, prorate taxes and HOA fees where applicable, and balance the closing statement with your lender if you are financing.

Cancel and Confirm Utilities

I will provide the numbers for transferring or terminating home services and utilities. Just remember that utilities must stay on for the final walkthrough so you can confirm every system in the home is functioning properly before you take ownership.

Closing Day

Shortly before closing you will complete a final walkthrough to verify the home is in working order and consistent with its condition at inspection, empty apart from anything negotiated and broom swept per the contract.

At closing, the closing agent furnishes a settlement statement detailing the full transaction, which all parties sign. The seller leaves keys and any important information for you at the closing or in the kitchen. Many closings are handled remotely now, but in every case the closing agent will walk you through the statement line by line and complete the transfer, and then the home is yours.