Attorney Review, Inspections and Appraisal

5.1 Attorney Review
Attorney Review is the process that starts when your purchase offer is accepted by the seller. It ends when you and your attorney, along with the sellers' and their attorney, have reviewed and agreed on all the language, including contingencies, in the contract. In summary, your attorney reviews your offer in a way that offers you maximum legal protection.

5.2 Escrow Funds
Your deposit monies will be held in a special account by either Burgdorff Realtors ERA or in your attorney's trust account.

5.3 Inspections
Once your offer is accepted by the seller and attorney review is completed, you'll need to have professional inspectors evaluate your new home's major systems. Rob and Macy may recommend other inspections, such as roof, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist or mold.

5.4 Appraisal and Lending
Keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. The lender will often send an appraiser out to the property and you may pay a fee for this service. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, and recent sales of comparable properties. When you are within two weeks of closing, double check with your lender to be sure the loan will go through smoothly and on time.

For more information on these issues, contact Rob or Macy at 908 272-0118 Ext 289.