Inspections & Appraisals

The Process

Initial Agreement and Deposit

At Flip Flop Rentals and Sales, we know that finding the right home is just the beginning. An effective purchase agreement is a legal arrangement between a potential buyer and a property's seller, and we walk alongside you every step of the way. Here are a few tips we've learned keep things smooth:

• Keep written records of everything. Verbal agreements, counter-offers, addendums, it all matters. Our team is happy to help draft these documents and provide copies for every party involved.
• Stay on schedule. You and the seller will receive a timeline for each stage of the closing process, and we'll help make sure nothing falls through the cracks.

The Closing Agent

Once both parties have agreed and signed, a title company or attorney will step in as the escrow, or closing agent, and your deposit will be put down. This neutral third party holds, receives, and distributes all funds tied to your transaction until closing day. They'll dig into the property's full history to confirm the title is clear of encumbrances and that everything is recorded correctly. Before escrow closes and the property becomes officially yours, every contingency outlined in the Purchase Agreement needs to be met.

How to Hold Title

There are several ways to hold title, or ownership, of a property, and each one carries different implications for ownership transfer, financing, and taxes. We always recommend talking with an attorney or tax advisor to find the option that's right for your family and your future. We're glad to connect you with trusted professionals in our network who can help you decide.

Home Inspections

As part of the contingencies in your Purchase Agreement, you'll schedule a licensed property inspector to visit the home within the agreed timeframe. Inspectors assess the true condition of the property and flag any concerns. For added peace of mind, you may want additional specialists to inspect specific areas, like the roof or plumbing. If you're purchasing a commercial property, an environmental audit or soil test may be required by the lending institution. Should the inspection uncover issues not addressed in the original agreement, you can request a renegotiation of terms, often the price. Once you're confident in the results, the contingencies are lifted and you move forward with real clarity.

Appraisals and Lending

Stay in close contact with your lender so you're ready when new documents are needed to keep your loan moving. If your Purchase Agreement depends on financing, the lender will require a home appraisal from a licensed third-party appraiser. This confirms your investment truly reflects the property's value, using factors like building costs, square footage, and operating income. As a good rule of thumb, check in with your lender about two weeks before closing to confirm everything is on track for an on-time approval.

Association Approval

Some properties require an association's certificate of approval before purchase. If that's the case, be sure to request all rules, regulations, and necessary paperwork from the seller early on. Your Purchase Agreement will include an agreed-upon timeframe for submitting documents or scheduling any required appointments. Once approved, your closing agent will request the original approval letter to be recorded with the deed at the county record office during closing.

Property Insurance

Basic property insurance protects your investment from damages like fire, theft, and certain weather events including wind or hail. While most states don't legally require coverage, mortgage lenders typically do. Depending on your plans for the property, you'll need homeowners insurance if you're moving in, or landlord insurance if you're renting it out as an investment. At Flip Flop Rentals and Sales, we want every family to feel fully protected and settled in their new home, because that peace of mind is what it's all about.