Standard Buyer Investigations
Besides selecting your service providers (i.e. inspectors, title, escrow, or lender where applicable in accordance with the purchase agreement), you want to stay active in this part of the transaction from the time that escrow opens.
First thing is to set up the home inspection and pest inspection (if applicable) so there is ample time to get this scheduled, completed, reviewed, and have any requests for repairs submitted that could delay the closing.
Secondly, you will want to make sure your lender has the executed purchase agreement and schedules the appraisal in coordination with the listing agent / seller. This is your opportunity to ask the questions you have and to ensure your plans for the property are acceptable.
Other Buyer Investigations
In addition to the traditional buyer investigations, you may want to investigate the following based on the property:
- Zoning requirements and limitations, permits, or other certificates
- Limitations, restrictions and requirements affecting use of the property
- Rent and occupancy control
- Schools (should be done as part of home criteria and search)
- Crime statistics, proximity of registered sex offenders (see section on Megan’s Law) and other criminals
- Proximity to commercial, industry or agricultural activities
- Existing and proposed transportation, construction and development that may affect the noise at the property
In addition, your purchase agreement should include a home warranty policy that covers you on major items or issues that could come up after close and that were not an issue during the home inspection.