Inspection Period
When you have received a fully executed contract after your offer has been accepted, you have entered the inspection period. Inspection periods vary, but typically give ample time to complete the next steps. During this phase, you will need to schedule a home inspection. The inspection will confirm the condition of the property and alert you to any areas of concern.
Mortgage lenders will also require a professionally completed appraisal to get an estimated property value to confirm that the loan amount is valid. Lenders will typically not give a loan in excess of the appraisal price, so this step is crucial.
Also during this time, buyers should shop for property insurance and schedule a property survey.
If the property is a condo, townhouse, or single family home located in a community governed by a Homeowner’s Association, also known as an HOA, buyers will need to apply and receive approval from the HOA prior to closing.
