Inspections and appraisals.
Most buyers will have the property inspected by a licensed property inspector within the due diligence time period that was agreed upon in the effective contract to purchase. Some buyers will have several different inspectors inspect the property, if they wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, septic, well, structural). If the buyer is obtaining a loan, you can expect that the property will have an appraisal completed to determine the value for the lending institution via a third party. This is done so that the lending institution can confirm their investment in your property is accurate. Even though North Carolina contracts are as-is, during this time the buyer has the right and may still submit a due diligence repair agreement to the seller to ask for repairs or a concession in lieu of repairs. Be prepared and expect this. While you as the seller are not obligated to agree, this is another negotiation, and often there’s some level of negotiation that can successfully take place and be agreeable to all parties.
Review closing disclosure/HUD.
Once a closing disclosure or HUD (for cash transactions) has been drafted and cross-checked between the paralegal and lending team, you and your Broker will be sent a copy to review. If you see any discrepancies or anything missing, this is the time to point it out so it can be corrected prior to closing. Once this document is available to review, it also provides confirmation of the amount needed to wire to the closing attorney for down payment and closing costs.