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ESCROW, INSPECTIONS AND APPRAISAL
- Escrow
Escrow is the process that starts when your purchase offer is
accepted by the seller. It ends when you become the new
registered owner of the property.
- Title Company and Escrow Holder
You will need to select a title company and escrow holder, which
acts as a neutral third party holding all instruments necessary
to the sale, including funds and deed. The title company will
research the complete recorded history of the property, to
insure that the title is free and clear of encumbrances by the
date of closing and that all new encumbrances are properly added
to the title. Some properties are subject to restrictions which
limit various activities from building to parking restrictions.
There may 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 upon death of the title holder.
- Inspections
Once your offer is accepted by the seller, you'll need to have
professional inspectors evaluate your home's major systems. Your
agent may recommend other inspections, such as roof,
chimney/fireplace, property boundary survey, well, septic,
pool/spa, asbestos or mold.
- Appraisal and Lending
Keep in close communication with your lender, who will let you
know when additional documents are needed to approve your loan
application and fund your loan. The lender will often send an
appraiser out to the property and you may 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 lender to be sure the loan will go through
smoothly and on time.
For more information and for any additional
questions, please feel free to contact me at any time.
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