Inspections & Appraisals

The Process

For more than 40 years, Doug Shorter Real Estate & Property Management has guided Charleston homeowners, investors, and residents through every step of buying and selling property. We know the local market, we know the process, and we know how to make it easier for you. Here's what to expect along the way.

Initial Agreement and Deposit

An effective agreement is a legal arrangement between a potential purchaser and the property's seller. A few tips from our team to keep things moving smoothly:

• Document everything. Verbal agreements, counter-offers, and addendums should always be in writing. Our team is here to help draft these documents and provide copies to every party involved.
• Stay on schedule. You and the seller will agree to a timeline for each stage of the closing process. Sticking to it keeps your transaction on track.

The Closing Agent

Once both parties have signed the agreement, a title company or attorney will step in as the escrow, or closing agent, and your deposit will be placed. This neutral third party holds, receives, and distributes all funds tied to your transaction until closing day. They'll also dig into the property's history to confirm the title is clear of encumbrances and that any new ones are recorded properly. Before escrow closes, every contingency outlined in your Purchase Agreement must be satisfied.

How to Hold Title

There are several ways to hold title, or ownership, of a property, and each comes with its own implications for transfer, financing, and taxes. We recommend talking with an attorney or tax advisor to find the right fit for your situation, and we're glad to connect you with trusted professionals right here in the Charleston area.

Property Inspections

As outlined in your Purchase Agreement, you'll schedule a licensed inspector to walk the property within an agreed-upon timeframe. Inspectors assess the condition of the home and flag any concerns. Depending on the property, you may want additional specialists, like a roofer or plumber, to take a closer look. Commercial buyers may also need an environmental audit or soil test for their lender. If an inspection turns up something not already accounted for in the agreement, you can renegotiate terms, most often the price. Once you're satisfied, the contingency is lifted and you move forward with confidence.

Appraisals and Lending

Stay in close contact with your lender throughout this stage so you're ready when new documents are needed. If your Purchase Agreement depends on financing, your lender will order a home appraisal from a licensed, independent appraiser. This confirms your investment is sound and reflects fair market value, based on building costs, square footage, income potential, and more. We recommend checking in with your lender about two weeks before closing to make sure everything is on schedule.

Association Approval

Some properties require sign-off from a homeowners' or community association before the sale can close. If that's the case, request all rules, regulations, and required paperwork from the seller early. Your Purchase Agreement will spell out the timeline for submitting documents or scheduling any needed appointments. Once approved, our closing team will secure the original approval letter so it can be recorded with the deed at the county.

Property Insurance

Basic property insurance protects your investment from fire, theft, and certain weather events like wind or hail. While most states don't require coverage, most lenders do. Whether you're moving in or renting the property out, you'll need the right policy in place, homeowners insurance for your residence, or landlord insurance for your investment property.