Inspections and Appraisals
Most buyers will have the property inspected by a licensed property inspector within the time frame agreed upon in the contract to purchase. Some buyers will have several different inspectors inspect the property if they wish to obtain professional opinions from inspectors specializing in a specific area (eg. roof, HVAC, structure). If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution via a third party. This is done so that the lending institution can confirm their investment in your property is accurate.
The Closing Agent.
In almost all Colorado real estate transactions a title company will be selected as the closing agent, whose job is to examine and ensure a clear title to real estate. After researching the complete recorded history of your property, the title company will certify that 1) your title is free and clear of encumbrances (eg. mortgages, leases, or restrictions, liens) by the date of closing; and 2) assist and conduct the closing for both parties,
Loan Approval and Appraisal.
We suggest that you accept buyers who have a lender’s pre-approval, approval letter, or written loan commitment, which is a better guarantee of loan approval than a pre-qualification or no documentation from a lending institute. Expect an appraiser from the lender’s company to review your property and verify that the sales price is appropriate.
