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instance, the property will need a thorough
examination. Working with your lender,
you may need to have a formal appraisal
and a survey done for the property designated
in the contract. A property inspection,
a foundation inspection, and an environmental
inspection may also need to be completed
to make sure that the property is up
to the standards set forth in your written
agreement. If there are issues or inconsistencies
brought to light during this time, it
may delay or even nullify the contract
depending on the contingencies set forth
in the contract.
Homeowner
insurance is another very important
item that will need to be taken care
of at this point. Insurance experts
recommend that you obtain insurance
equal to the full replacement value
of the home. Unless you have insurance
coverage on the home, the closing can
not proceed. Having these procedures
done in a timely and professional manner
is a must. Investigate each vendor to
make sure that they are reputable and
have a clean operational history.
Your
agent's experience in this area will
be invaluable in making sure that everything
is completed on time and in a professional
and legal manner.
Step
8 |
