Final answer:
The (B) lender should get an appraisal of the property before closing if the transaction is being financed. An appraisal ensures the property's value justifies the loan, while Escrow services help manage insurance and tax payments. Accurate property titles and acreage calculations are vital for selling land for development.
Step-by-step explanation:
Before closing, the lender should get an appraisal of the property if the transaction's being financed. The appraisal is a necessary step for the lender to ensure that the property's value justifies the loan amount. It also benefits the buyer by providing an objective evaluation of the property's worth, which can aid in the negotiation of purchase terms if the appraisal is lower than the offer.
Additionally, Escrow services provide a streamlined process for handling financial aspects during a property transaction, including the payment of home insurance and property taxes. This is significant as it consolidates payments which are part of the usual monthly mortgage payment.
When it comes to selling land that has been used for farming, having an accurate property title and calculated acreage is essential for both the buyer and the seller to ensure a clear transfer of land ownership suitable for the development of commercial or residential properties.