Inspections and Appraisals

Most buyers will have the property inspected by a licensed property inspector within the timeframe that was agreed upon in the effective contract to purchase. Some buyers will have several different inspectors inspect the property, if they wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, structure). If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution via third party. This is done so that the lending institution can confirm their investment in your property is accurate. A buyer of a commercial property may also have a complete environmental audit performed and/or soil test, if required by the lending institution.

Contingencies

A contingency is a condition that must be met before a contract becomes legally binding. For instance, a home buyer will usually include a contingency stating that their contract is binding only when there is a satisfactory home inspection report from a qualified inspector.

Before completing his or her purchase of your property, the home buyer goes over every aspect of the property, as provided for by purchase agreements. These include:

Obtaining financing and insurance

Reviewing all pertinent documents, such as preliminary title reports and disclosure documents

Inspecting the property. The buyer has the right to determine the condition of your property by subjecting it to a

wide range of inspections, such as roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist or mold.

Loan Approval and Appraisal

We suggest that you accept buyers who have a lender's pre-approval letter, which is a better guarantee of loan approval than a pre-qualification. Expect an appraiser from the lender's company to review your property and verify that the sales price is appropriate.