The Process, Step-by-step
Inspections
Once you accept an offer, the contract may allow the buyer to perform a property inspection within the time frame that was agreed upon in the purchase and sale agreement. It is important to have your home ready and accessible for each inspection. Depending on the results of the inspections, the buyer can either move forward with the sale as-is, request a renegotiation of the contract terms, or terminate the contract. Some inspection results may require new seller disclosures. Your Portland’s Choice Realty real estate agent can advise you of your options.
Appraisal and Lending
If the agreement is conditional upon buyer financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution. This is done so that the lending institution can confirm their investment in your property. Your Portland’s Choice Realty real estate agent will be in close contact with the buyer’s lender or agent to be sure the loan will go through smoothly and on time.
The Closing Agent
Either a title company or an attorney will be selected by the buyer as a closing agent. The closing agent will research the complete recorded history of the property to ensure that the title is free and clear of encumbrances by the date of closing. The closing agent will prepare the documents for closing, including any payoffs required for mortgages or liens. Your Portland’s Choice Realty real estate agent can explain the closing statement.