Single Family Home and Commercial Due Diligence

Due Diligence for Single Family Homes Property and Neighborhood Financial Legal

Property and Neighborhood Due Diligence Schools Home Inspection

Home Inspection Condition of Property Major Repairs PCDA Radon and Pests Lead Paint

Home Inspection—Coops and Condos Usually No Inspection Ground Floor Units Top Floor Units Small Buildings Common Areas

Financial Due Diligence—Fees and Charges Legal Fees Mortgage Fees Title Insurance Insurance and Tax Escrows

Financial Due Diligence—Taxes Property Taxes Mortgage Tax Mansion Tax Sponsor Transfer Taxes

Financial Due Diligence—Coops and Condos Coop Maintenance Condo Common Charges Flip Tax Tax Deductibility of Maintenance

Legal Due Diligence Contract of Sale Title Report Coop Board Minutes

Contract of Sale Downpayment Mortgage Contingency Offer and Acceptance Downpayment Mortgage Contingency Time of the Essence vs. On or About

What Does Title Insurance “Insure”? That Title is Vested in Named Insured Should Be an Unbroken Chain of Title Breaks in Title are Insured by Title Policy Mistakes, Errors, Fraud Monetary Claim on Policy, Not Restoration to Possession

What Does Title Insurance “Insure”? That Title is Free of Liens and Encumbrances Encumbrances to the Title to the Property Goal is to Transfer “Free and Clear” Mortgages, Judgments, Other Liens Mistakes, Errors, Fraud

What Does Title Insurance “Insure”? That Insured Has Full Use and Access to Property Surveys Encroachments Possible “Out of Possession” Adverse Possession Boundary Line Agreement

Schedule B Exceptions to Title Insurance Most Important Part of the Title Report Exceptions Must Be Cleared or Omitted Purchaser Can Take Title “Subject To” Exceptions

The Title Company’s Role at Closing—Reviewing Documents to be Recorded Review All Documents Accuracy of Deed and Mortgage Collect Payoff of Mortgages, Liens, Judgments Collect all Taxes Collect Title Fees and Premium