Inspections, Appraisals, & Title Work

1 Inspections

The types of inspections that you’ll choose will be determined by the house that you’re buying. We’ll discuss the options to figure out which ones you want and need to get. Not only will you want inspections, our loan type may require certain ones. The most important inspection is the general home inspection. This inspector will check out pretty much everything. They will be able to spot areas of concern, recommend items that need to be fixed, and outline items that warrant further inspection.

Other common Inspections include:

  • Well & Septic
  • Radon
  • Wood Destroying Insects (Termites)

Inspections that are less common, but certainly needed in some homes, include:

  • Chimney
  • Roofing
  • Electrical
  • Plumbing
  • & Others based upon the home, the recommendations of the general inspector

2 Appraisal

An appraiser is someone that is sent by your lender to complete a value report for the property and to also check on the condition of the home to make sure that it meets the minimum guidelines for your loan type. Basically, the bank wants to know that they are giving their money for a house that is worth what we say it is and that it’s condition won’t jeopardize their investment. The report will outline their conclusions and will be included in the final review of your loan.


3 Title Work

This is the part that no one really talks about… The title company is like the “behind the scenes” person. So let’s break down their 4 basic functions. (Read more – 7 Reasons Why Every Home Buyer Needs Owner’s Title Insurance)

  • Title Search: The title person will conduct a full search on the chain of ownership, deeds, liens, and easements, prior agreements, encroachments, and so much more. The purpose of this is to ensure that you are receiving the property free and clear of “title defects”.
  • Title Insurance: There are two different types of title insurance; one that covers the lender and one that covers you. The lender’s coverage is mandatory in most cases but yours is elective. I ALWAYS recommend it! This protects you in case something is missed during the title search or if something is filed against the property but doesn’t show yet in public records. It’s rare that it’s needed, but if it ever is, you’ll be so glad that you have it!
  • Money: The title company is the one that collects and distributes all money. Once your loan is approved, they will wire the funds to the title company. If the buyer or the seller owes money at closing, it will be given to the title company. At closing, they will be the ones giving the money to the seller, real estate companies, and any other parties that are owed money from the sale.
  • Paperwork: The title company prepares all property transfer documents and reviews the loan documents. They are the ones that review them with you at closing and ensure their proper completion.

So there you have it – the BIG 3! Please feel free to contact me with any questions that you have regarding this information or anything related to buying or selling a home. I look forward to helping you throughout all of your Southern Maryland moves!

Christina Porter Wolfrum
http://www.ChristinaWolfrum.com

Christina Porter Wolfrum

Cell #: 240.587.1687

Alt office #: 410.535.6291

Email: CPWolfrum@Gmail.com

Website: http://www.ChristinaWolfrum.com

ChristinaWolfrum.com | Copyright© 2019 | All Rights Are Reserved

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s