Inspections & Appraisals

The Process

At REMAX Real Estate Results, we believe every step of your real estate journey should be handled with integrity, transparency, and expert guidance. From the initial agreement to closing day, we're committed to making the process seamless, professional, and rewarding for everyone involved.

Initial Agreement and Deposit

An effective agreement is a legal arrangement between a potential purchaser and the property's seller, and getting it right matters. Here are our proven tips for a smooth, results-driven process:

• Keep written records of everything. This includes verbal agreements, counter-offers, and addendums. Our team is here to assist in drafting all written records and providing copies for each party, so nothing gets lost in translation.
• Keep up with the schedule. You and the seller will be given a timeline to seal every stage of the real estate closing contract. Staying on track protects your investment and your peace of mind.

The Closing Agent

Once both parties have agreed upon a contract and signed all documents, either a title company or an attorney will act as the escrow, or closing agent, and you will put down your deposit. The escrow serves as a neutral third party, holding, receiving, and distributing all funds associated with your transaction until closing day. They'll research the complete history of the property to confirm the title is clear of encumbrances and that any new encumbrances are properly recorded. Before escrow closes and your purchase becomes official, all contingencies outlined in the Purchase Agreement must be met.

How to Hold Title

There are several ways to hold title, or ownership, of a property, and each comes with its own implications for ownership transfer, collateralization, financing, and taxation. We recommend speaking with a trusted attorney or tax advisor to determine the best fit for your unique situation. As part of our commitment to doing things the right way, we're happy to connect you with reliable attorneys and tax advisors in the area.

Inspections

As part of the contingencies outlined in your Purchase Agreement, you'll schedule a licensed property inspector to visit the home within the agreed-upon time frame. Inspectors assess the property's condition and flag any potential issues. Depending on your property, you may want specialized inspectors for areas like roofing or plumbing. Commercial buyers may also need an environmental audit or soil test to satisfy lending requirements. If an inspection uncovers issues not addressed in the Purchase Agreement, you have the right to renegotiate terms, most commonly, price. Once you're confident and satisfied, contingencies are officially removed.

Appraisals and Lending

Staying in close contact with your lender ensures you're always one step ahead when new documents are needed to approve your loan. If your Purchase Agreement is contingent on financing, your lender will require a home appraisal from a licensed third-party appraiser. This appraisal confirms that your investment is sound and accurately valued. Appraisers evaluate a range of factors, building costs, square footage, operating income, and more, to determine true market value. Our advice: check in with your lender two weeks before closing to confirm your loan is on track for approval.

Association Approval

Some properties require an association's certificate of approval before purchase. If this applies to you, be sure to request all rules, regulations, and required documents from the seller early on. Your Purchase Agreement will specify a time frame for submitting paperwork or scheduling necessary appointments for approval. Once approved, your closing agent will request the original approval letter so it can be properly recorded with the deed in the county record books at closing.

Property Insurance

Protecting your investment doesn't stop at closing. Basic property insurance safeguards you against damages from fire, theft, and certain weather events like wind or hail. While not every state legally requires coverage, most mortgage lenders do. Depending on your goals for the property, you'll need either homeowners insurance if you plan to live there, or landlord insurance if you're pursuing it as an investment.

At REMAX Real Estate Results, we're here to guide you through every stage of this process, because your property isn't just a transaction. It's an investment in your future, and we treat it that way from day one.