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“PENDING” PROCESS
When a Seller accepts your contract to buy their home we say that
the home and offer is “Pending”. There are sequential steps that
must be completed before the purchase is complete, which
happens at the “Closing”. The steps include:
TITLE COMMITMENT
This is a search and examination of the public records for matters
affecting the title to the real estate being purchased. It may
include looking for unpaid taxes, easements, names of people on
title and outstanding liens and mortgages.
INSPECTION
This is where you as the Buyer get to choose a third-party,
not-related-to-the-transaction, person to inspect the physical
conditions of the property you are buying. They will inspect the
roof, the attic, the crawlspace and all rooms of the structure.
It is strongly recommended that you attend the inspection or at
least the tail end, so that if you have any questions regarding the
property you will have the opportunity to ask the inspector. The
typical inspection takes approximately 1 to 2 hours and the cost is
your responsibility as the Buyer. Every inspector is different and
the time it takes depends on the square footage and acreage of
the property. At the conclusion of the inspection the inspector will
give you a detailed report of items that were found that may be of
concern. These items can be addressed with the Seller as an
addendum to the purchase agreement.