Inspections & Appraisals

The Process

Initial Agreement and Deposit

A purchase agreement is a legal arrangement between you and the seller. To keep things running smoothly:

• Keep written records of everything, verbal agreements, counteroffers, and addendums. Our team can help draft and distribute copies to all parties.
• Stay on schedule. You and the seller will follow a timeline through every stage of closing.

The Closing Agent

Once both parties sign the contract, a title company or attorney will act as your escrow/closing agent, holding your deposit. This neutral third party manages all funds through closing day and researches the property's title history to confirm it's free of encumbrances. All contingencies in the purchase agreement must be satisfied before escrow closes.

How to Hold Title

There are several ways to hold title to a property, each with different implications for ownership transfer, financing, and taxes. We recommend speaking with an attorney or tax advisor to determine the best fit for your situation. We're happy to make a referral.

Inspections

As part of your purchase agreement contingencies, you'll schedule a licensed inspector to evaluate the property within an agreed timeframe. You may want specialized inspectors for specific systems (roof, plumbing, etc.). Commercial buyers may also need an environmental audit or soil test for their lender. If the inspection reveals issues not addressed in the original agreement, you can request a renegotiation, often on price. Once you're satisfied, the inspection contingency is removed.

Appraisals and Lending

Stay in close contact with your lender throughout this process. If your purchase is contingent on financing, your lender will require a third-party appraisal to confirm the property's value based on factors like square footage, building costs, and comparable sales. Check in with your lender about two weeks before closing to confirm your loan is on track.

Association Approval

Some Atlanta properties require HOA approval before purchase. If so, request all rules, fees, and required paperwork from the seller early. Your purchase agreement will set a timeline for submitting documents, and once approved, your closing agent will file the approval letter with the deed at closing.

Property Insurance

Basic property insurance covers damage from fire, theft, and certain weather events. While not always legally required, most mortgage lenders require it. You'll need homeowners insurance if you're living in the property, or landlord insurance if you're purchasing a rental investment.