Recommendations and Requirements

Home Inspection

Whether you are buying a new home or a previously owned home, you should consider hiring a home inspection company to uncover potential defects in the home or items which may be in need of repair. An inspection can save you thousands of dollars in repairs. The inspection company will inspect the roof, the heating, air conditioning and ventilation systems, the appliances and the foundation to determine if there is any evidence of past or potential future problems. Please remember that the inspection is not a guaranty that the home is and will remain in perfect condition.

Termite Inspection

Many lenders require an inspection by an approved termite inspection company. You should arrange to have a termite inspection immediately after the sales contract is signed. The inspection will determine if there is the presence of termites or other wood eating insects. You will receive a report from the termite company which will need to be brought with you to the settlement.

Insurance

You will need to have property and casualty insurance to insure against a catastrophe at the home. You should arrange to obtain the insurance at least thirty days prior to your scheduled settlement. Your lender will require you to provide evidence that the insurance is in effect prior to settlement.

Survey

If you are purchasing a single family home or townhouse a land survey might be required by the lender to confirm the home is located within the boundary of the property. However, you also have the option to order a survey, even if your lender does not require one. There are two types of surveys usually performed in connection with the purchase of a home. A location survey will show the location of the structure within the boundaries of the property to be purchased by the buyer. A boundary survey is more detailed and more expensive. It locates all easements and physical encumbrances related to the property and confirms the accuracy of all the boundaries to the property. Pinnacle Title can help you order the survey and help you to select which type of survey is most appropriate for your situation.