Escrow Inspections and Appraisals

Inspections.
Once your offer is accepted by the seller, you will need to have a licensed property inspector inspect the property within the time frame that was agreed upon in the effective contract to purchase. You may elect to have different inspectors inspect the property, if you wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, structure).
INSPECTIONS THAT CAN BE ORDERED

• Home inspection- Cost is based on size and age of home. A non-invasive visual examination of a residential dwelling, performed for a fee, which is designed to identify observed material defects within specific components of said dwelling. Typically runs $350-$550

• Termite Inspection – Typically runs $35-$55. Is an examination of a structure by a qualified person to determine the existence of wood destroying organisms. Lender required.

• Roof Inspection – Is typically done for free. Is a report stating the current condition of the roof. An inspection is conducted to uncover any cracked, missing, or aging shingles, loose roof seams, potentially clogging rain gutters, or trouble signs.

• HVAC Inspection/Certification- Costs are $85/first unit and $50 each additional. Is a Heating, Ventilation, and Cooling (HVAC) inspection done by a qualified heating and cooling contractor through the home warranty company. The role of an HVAC inspector is to assess the cleanliness and structural integrity of an HVAC system. Once the company deems the unit to be in good working condition, they issue a “certification” through the home warranty company. Should you have issues during the home warranty coverage this negates any “pre-existing” conditions.

• Pool Inspection – A pool inspector will help identify potential hazards and necessary repairs, and advise you of options to rectify any problems. Typically runs $100-$125

• Sewer Scope – This is a process where you call in a plumbing company or a specialist to run a video line through your waste pipes. The video might extend down your branch lines (the pipes that lead from bathtubs and faucets to the house’s sewer line) or down the house’s sewer line (the larger pipe that leads from the house to the municipal sewer line on the street). At the end of the line is a camera that lets you see the line in close-up and real-time detail. This will help uncover any possible cracks, blockages or issues in the line. Typically runs $100-$125

• Solar Inspection (OWNED SOLAR ONLY)- an in-depth inspection of all parts of the system including:Main interconnection breaker, All connections between Main Service and inverter, All connections between Solar panels and inverter, Inverter, Systems compliance with Current building and fire code, All wire nuts with Heavy duty equivalent, Monitoring equipment, Racking / Supports

Appraisal and Lending. 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. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc.

Property Insurance. If you are obtaining a loan, you will be required by your lender to purchase a certain amount of insurance on the property. The value will depend on the lending institution and the purchase price of the property. You may be able to save hundreds of dollars a year on homeowners insurance by shopping around for insurance. You can also save money with these tips.

We will be happy to recommend experienced knowledgeable insurance agents for every property type.

Ways to take title in AZ