Buyers

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, arborist or mold.

Appraisal and Lending

Your CREIT Loan Officer will be in close communication with you and will let you know when additional documents are needed to approve your loan application and fund your loan. Your CREIT Loan Officer will also set up an appraiser to go out to the property and you will have to 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 Loan Officer to be sure the loan will go through smoothly and on time.

For more information regarding these issues, contact a real estate agent at CREIT Realty.