What Is a Verification of Property Condition?
Homebuyers tend to hear and learn quite a bit when looking at homes to purchase.However, once a home is located and an offer is written, it’s not uncommon for the home buying process to get a little bit murky. This is a very confusing time, and there is a lot to be done.
After an offer is accepted, escrow is opened. There is a period of time to conduct due diligence activities (including a home inspection) and this is also the period of time when the mortgage loan is secured. Generally, from the time that the offer is accepted until closing, there is a period of 30–45 days, although this is negotiated between buyer and seller when the offer is written. So, things need to move quickly.
However, just before the closing, according to the Residential Purchase Agreement, the buyer has a right to conduct a verification of property condition. When a buyer purchases a home, he or she generally purchase it in the condition it is in on the date that the offer is written. A buyer would want to do this in order to confirm that there is no new property damage and that the seller has left any personal property that has been negotiated into the agreement.