Page 18 - FNTA Buyers Guide_AZ
P. 18

 OTHER PARTIES IN AN ESCROW TRANSACTION
In addition to the buyer, seller, lender and real estate agent(s), Escrow may involve several other parties providing these services: Home Inspection, Termite/Pest Inspection, Appraisal and Home Warranty.
  HOME INSPECTIONS
A home inspection is another component of the escrow process. It is a physical examination to identify material defects in the systems, structure and components of a building, such as foundations, basements and under-floor areas, exteriors, roof coverings, attic areas and roof framing, plumbing, electrical systems, heating and cooling systems, fireplaces and chimneys, and building exteriors.
Is Your Home Inspector Insured?
They should have: Professional Liability Insurance Coverage, General Liability and Workers Compensation.
How the Seller Should Prepare for a Home Inspection
The seller should have the property fully accessible, including elimination of stored objects that may prevent the inspector from accessing key components of the home. Areas of special concern are attics, crawlspaces, electric panels, closets, garages, gates/yards, furnaces and water heaters. All utilities should be on, with functioning pilots lit.
Inspector’s Responsibility to the Homeowner
Respect the property. Leave the property as they found it. Answer questions about the report after the inspection is completed. Provide a copy of the report on site.
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TERMITE/PEST INSPECTION
This report is prepared by a State Certified Inspector as evidence of the existence or absence of wood destroying organisms or pests which were visible and accessible on the date the inspection was made. In addition to looking for subterranean termites, the inspector is also looking for signs of activity from other wood organisms such as:
• Carpenter ants
• Carpenter bees
• Wood destroying fungus • Dry wood termites
These conditions are easy to spot and in most cases are simple and inexpensive to correct.
If you aren’t certain about the condition of your property, seek assistance from a State-Certified Termite Inspector.
Copyright 2018 Fidelity National Title: Content cannot be edited or reproduced without written permission from Fidelity National Title. All content he re in is informational only and not intended to offer legal or financial advice.
















































































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