Escrow inspections & appraisals

Inspections and Appraisals

In NYC, most accepted offers especially for townhouses and small multi-family homes—will include a home inspection by a licensed inspector within the agreed-upon timeframe. Buyers purchasing co-ops and condos typically perform less invasive inspections, but may still hire specialists to review plumbing, electrical systems, or building-wide infrastructure.

If the purchase is contingent on financing, the lender will order an appraisal through a licensed appraiser to confirm the property’s value. This is a third-party verification to ensure the loan amount matches the asset’s worth. For commercial or mixed-use properties, additional evaluations like environmental reports or structural engineering reviews may be required.

The Closing Agent

In NYC, attorneys, not title companie,s handle most closings. Each party has its own lawyer, but the buyer’s attorney typically orders the title report (for condos and townhouses) or a lien search (for co-ops).

The attorney’s role is to confirm that:

• The title or shares are free from liens, violations, and other encumbrances.
• All new encumbrances or agreements are properly recorded.

This ensures you can deliver clear ownership on the closing date.

Contingencies

A contingency is a condition that must be met before the deal is fully binding. Common NYC contingencies include:

• Financing Approval – The buyer must secure a written loan commitment from a lender.
• Inspection Results – The buyer has the right to hire inspectors and negotiate repairs or credits.
• Board Approval (for co-ops) – Even with a signed contract, the sale won’t close until the co-op board approves the buyer’s application.

If an inspection or review raises concerns, buyers may request repairs, credits, or a price adjustment. Our job is to negotiate fairly while protecting your bottom line and keeping the deal on track.

Loan Approval and Appraisal

We recommend prioritizing buyers with a mortgage pre-approval letter, loan commitment, or proof of funds for all-cash deals.

Once in contract, the buyer’s lender will send an appraiser to verify that the agreed price aligns with market value. In NYC, this step is critical especially in a fast-moving market because a low appraisal can require renegotiation or additional down payment from the buyer.