THE PROCESS
INSPECTIONS & APPRAISALS
A title company of your choice will be selected as a closing agent. The closing agent will hold the deposit also known as the EMD in escrow and will research the complete recorded history of the property you choose to. ensure that the title is free and clear
Once your offer is accepted by the seller, you will need to have a licensed property inspector inspect the property within the time frame that was agreed upon in the effective contract to purchase.
Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, recent sales of comparable properties in the area, operating income, etc to determine the appraised value of the home
CLOSING DAY
The final walk-through is more of a formality than anything else, the final inspection takes place a day before or the day of the closing. You will visit the property to verify that all is in working order, everything is the same as when you last viewed the property, that there are no extra items left behind, and that everything included in your purchase is still at the property.
The closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the closing agent, certifying its accuracy. The seller should arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time