•
APPRAISAL
If the buyer is securing a new loan for the purchase, an appraisal will be required
by the lender. An appraiser will:
•
Research the subject property as to year built bedrooms, baths, lot size and
square footage.
•
Compare data of recent sales in the subject’s neighborhood, typically
within a one mile radius. The appraiser usually locates at least three (and preferably more) similar homes that have sold
within the past six months. These homes are considered the Comparable Properties” or “Comps” for short.
•
Field inspection is conducted in two parts: (1) the inspection of the subject property, and (2) the exterior inspection of the
comparable properties.
The subject property inspection includes taking photos of the front and rear of the home (that may include portions of the yard)
and photos of the street scene. The appraiser also makes an interior inspection for features and conditions which may detract from
or add to the value of the home. A floor plan of the home is drawn and included while doing the inspection.
•
HOME WARRANTY
Home Warranties offer advantages to both the buyer and seller. This policy protects the buyer by paying for certain repairs and
costs of major mechanical systems and major appliances in the home such as heating and air conditioning. There are a variety of
plans available.
Benefits of Home Warranty Coverage to the Seller
•
Home may sell faster and at a higher price
•
Optional coverage during the listing period
•
Protection from legal disputes that occur after the sale increases the marketability of home
Benefits of Home Warranty Coverage to the Buyer
•
Warranty coverage for major systems and built-in appliances
•
Protects cash flow
•
Puts a complete network of qualified service technicians at the Buyer’s service
•
Low deductible
Most home warranty plans can be paid for at the close of escrow. A copy of the invoice is presented to the escrow company and it
becomes part of the seller’s closing costs. FNF offers Home Warranty coverage at
www.HomeWarranty.comor 1.800.862.6837
In addition to the buyer, seller,
lender and real estate agent(s),
Escrow may involve several other
parties such as: Appraisal, Home
Warranty, Home Inspection, and
Disclosure Report.
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© Ticor Title Company
OTHER PARTIES TO AN ESCROW TRANSACTION




