ATTORNEY REVIEW, INSPECTIONS AND APPRAISAL

Your contract began when you accepted a buyer's purchase offer, earnest money deposit and finished the attorney review process. What follows is the inspection and appraisal of your home and the loan origination process.

Attorney Review. The buyer selects a real estate attorney, whose job it is, together with the title company, to examine and insure title to real estate. After researching the complete recorded history of your property, they'll certify that 1. your title is free and clear of encumbrances (e.g., mortgages, leases, or restrictions) by the date of closing, and 2. all new encumbrances are duly included in the title.

Contingencies. A contingency is a condition that must be met before a contract can close. For instance, a home buyer has the right include a contingency stating that their purchase is free of termites and has a satisfactory home inspection report from a qualified inspector.

Before completing his or her purchase of your property, the home buyer, together with his or her attorney, 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, and
• 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.

Depending on the outcome of these inspections, one of two things may happen:

1. Either each milestone is successfully closed and the contingencies are removed, bringing you one step closer to the close, or
2. The buyer, after reviewing, for instance, the home inspection report, will request that the seller repair items or that a credit be given to the seller at closing.

How do you respond objectively and fairly to the buyer when these demands are made? Rob and Macy, as professional listing agents, along with your attorney, can steer you through the process. Having dealt with various property sales in the past, we promise to give you our expertise and total commitment, no matter what the situation.