ESCROW/TITLE

The role of the Escrow and Title companies differ from state to state. Some states require attorneys to conduct the actual closings, and some allow the escrow company to do it. That being said, the Escrow company is where you will be closing your transaction. It may also be providing the Title Report, Title Insurance, providing copies of CC&R's from a Homeowners Association, working with the lender to coordinate the closing and funding, working with the seller to coordinate the payoff of the existing loan, preparing Settlement Statements (HUD 1's) coordinating tax prorations, recording the deeds, and disbursing the funds. Whew! That is just a small list of what responsibilities an Esrcow/Title companyhas during your transaction.

HOME INSPECTOR

A Home Inspector will conduct a thorough investigation of the systems in a property. That includes the electrical, mechanical, plumbing, heating and cooling systems. The Inspector will provide the parties with a detailed report about the condition of the property, but it will usually be related to structural items, not cosmetic. Be certain that you investigate with your Agent the many different Home Inspection companies, and choose one that is right for you. A good piece of advice is to select a company that is also ASHI Certified. That means that the company is a member of the American Society of Home Inspectors.

HOME WARRANTY COMPANY

Many transactions today are covered by a Home Warranty for the first year of ownership. This option can be purchased during the transaction, and covers many of the systems that a Home Inspector would inspect. A Home Warranty may provide some piece of mind to a Buyer purchasing an older property, or one that may have some systems issues in the future. You can also request coverage of some appliances and septic systems. For a small service call fee, the Home Warranty company will send a company to your home that can determine a problem and repair or replace an item. The most typical claims are for heating/cooling systems and for plumbing issues, but depending on the region of the country, some may be more typical than others.

LENDER

Most transactions require financing to assist in the purchase. A Lender can be a Mortgage Company, a Bank or private financing, as well as other options. Whichever you choose, the Lender plays an extremely significant role in the transaction. You will be asked to complete an application, provide documentation and verify your income. You may also be asked to give permission for your credit score to be checked, and for you assets to be verified. There are numerous steps to take to secure financing, and your cooperation with the Lender is a key ingredient to experiencing an on-time, relatively stress free closing! For more information on the role that the Lender plays and what you can expect, click on the 'Mortgage Information' button.

APPRAISER

Typically, a lender will require an appraisal on the property for at least the sales price. An Appraiser uses a variety of methods to determine the value of the property, including recent sales, cost to reconstruct, improvements and many more. A Lender usually needs to approve of the Appraiser chosen, so don't assume you can use just anyone!

TERMITE/PEST INSPECTOR

If applicable for your area, and if your Lender requires, a termite and pest inspection may be conducted on the property. This company will inspect for damage, past and present, from termites and other wood destroying organisms. It will also inspect for dry-rot, weather damage and wood to earth contact. Like Home Inspectors, Termite and Pest Inspection companies can be certified and regulated by the state.

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