HOme BUYING
PROCESS
Inspections, Appraisal, and Removing Contingencies
After the contract is signed and delivered to all parties, the behind the scenes work begins. This work is crucial to making sure the property you are buying is one that you will be satisfied with. During the inspection period, which ranges from 17 days to however long the parties agree upon, the buyer is responsible for getting any inspections done that need to be completed.
Inspections:
Rick Burke will help you through this process and recommend proven professionals to assist you. The most basic inspection that should be done is by a home inspector. This person will spend about 2 hours in the home testing everything and give you a full report (usually 20-30 pages) on the results of each item. This home report can be a spring board for additional specialists you may want to bring in to investigate specific items. This inspection is optional but highly recommended.
Termite Inspection:
The termite inspection should be ordered as soon as the home has an approved and accepted contract. I will help you decide on the best company for you. The termite inspection is a state regulated process, and a company must be certified for it. The termite inspection will be on a standard form and submitted to the title company upon completion. In New Jersey, the buyer traditionally pays for the termite inspection unless otherwise specified in the contract.
Appraisals:
Appraisals are typically ordered by your lender from an approved list of appraisers.
Septic Inspections:
Septic inspections are usually ordered after the regular inspection period comes to a close and the seller knows that spending the money on this inspection is a safe investment.
Prior to closing escrow, all of the contingencies of the Purchase Agreement must be met. Your REALTOR® will coordinate this process.
Typical contingencies include:
- Approval of the seller's transfer disclosure statement.
- Approval of the preliminary title support.
- Loan approval, including an appraisal of the property.
- Physical inspections of the property.
- Pest inspection and certification.
- Acquisition of homeowner's insurance.
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