Inspections and Appraisals
Before finalizing the sale of your property, it's common for buyers to have the property inspected by a licensed professional to ensure that everything in the contract is accurate. The timeframe for inspections is typically outlined in the Purchase Agreement. Some buyers may choose to have separate inspectors look at different aspects of the property, such as the roof, plumbing, or heating and cooling systems.
If the buyer is obtaining a loan to purchase your property, a licensed appraiser will likely examine the property. This is because the lender will want to confirm that their investment in the property is accurate, and they will typically require a third-party appraiser to determine the value of the property. The agreement to purchase the property is typically contingent upon financing, so it's important for the lender to have confidence in the value of the property.
The Closing Agent
When selling your property, a title company or an attorney will be chosen as the closing agent, also known as the escrow agent. The closing agent's job is to review and ensure that the title to the property is clear of any encumbrances such as leases, mortgages, or restrictions. After reviewing the recorded history of your property, the closing agent will certify that your title is clear by the closing date, allowing the transfer of title to the buyer to take place. The closing agent plays a critical role in the process of selling a property and helps to ensure that all necessary documents are in order and that the title is transferred smoothly.
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What Else You Should Know
Contingencies are conditions that must be met before a contract becomes legally binding. When a buyer is interested in purchasing your property, they may include contingencies related to home inspections or financing in the Purchase Agreement.
Before completing the purchase of your property, the buyer will need to take several steps, including:
- Securing financing and insurance: The buyer will need to obtain a mortgage loan and arrange for insurance coverage on the property.
- Reviewing all relevant documents: This may include preliminary title reports and disclosure documents.
- Inspecting the property: The buyer has the right to have the property inspected by professionals to assess its condition. This may include inspections of the roof, termite/pest control, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist, mold, lead-based paint, heating and cooling systems, and more.
When a buyer demands renegotiation of the terms of a sale, it can be challenging to respond objectively and fairly while also acting in your own best interests. This is where a professional listing agent can make a real difference. With their experience and expertise in handling various property sales, a skilled agent can help you navigate these negotiations and advocate for your interests.
Our agency is committed to providing top-quality service to every customer, no matter their situation. We have the experience and expertise needed to help you respond to renegotiation requests fairly and objectively while also looking out for your best interests.
Loan Approval and Appraisal
When accepting offers from buyers, we recommend considering those who have a lender's pre-approval, approval letter, or written loan commitment. These documents provide a stronger loan approval guarantee than a pre-qualification or no documentation from a lender.
It's also important to keep in mind that the lender will likely send an appraiser to review your property and verify that the sales price is appropriate. This is an important step in the process, as the lender will want to ensure that the property's value is sufficient to secure the loan.
Get In Touch With Us
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- Salt Lake City