Escrow, Inspections, & Appraisals

After you make an offer and a sales contract is negotiated, it is time for all the boxes to be checked. To ensure both the buyer and seller are getting a good deal, several deposits and evaluations are made.

A sales contract is accompanied by a good-faith earnest money deposit from the buyer to the seller. Earnest money deposits generally range from about $500 to several thousand or a percentage of the sales price. The deposit is held by a third party and is credited to the transaction at closing.

Inspections vary depending on the property, the lender, and the buyer. They could include:

• A property inspection covers the physical home, utilities, appliances, and more
• A termite inspection is done to identify termite damage and/or infestations
• A pool inspection makes sure the pool is structurally and mechanically functioning
• A well and septic inspection evaluates the condition, health, and safety of the system

The lender will require an appraisal of the property to evaluate the accuracy of the value and sales price. An experienced real estate agent will have used local comparable properties to evaluate that the value and price are consistent with the market.

A survey may be required to confirm the legal description of the property.

For land transactions, buyers might need confirmation of zoning, soils, and productivity as well.

The experience of every member of the Wright Realtors team ensures any issues are addressed and resolved to both the buyer’s and seller’s satisfaction before closing.