Finding the right home, office or other form of real estate can sometimes feel like a hunt for a needle in a haystack. While there are likely many properties available, many will not meet your needs or desires. They might be out of your price range, in a less than perfect location or don’t appeal to your aesthetic tastes.
It can be tempting to rush in to secure a property when you find one that you think you are looking for. This could turn out to be a costly mistake. The following are just some of the things you’ll need to take your time to check on.
Title issues
Is the person or entity who is telling you they are the property owner really the owner? People sometimes claim they are when they are not. Or they are but omit to mention that someone is currently or about to challenge them over that ownership. Title issues can be important matters to consider; examples are where exactly the property boundaries lie, common driveways, or easements, covenants and restrictions which can materially effect use or development or liens which need to be discharged.
Maintenance issues
Not every property is as good as it appears to the naked eye. Some major faults can be hidden out of eyesight or only noticeable with the help of testing equipment used by someone who knows what they are looking for.
Land issues
Maybe the property looks like it is in great condition, but there are plans afoot that could make it a problem purchase. For example, a proposed development nearby might merit an eminent domain purchase, lead to structural damage or cause a drop in value due to how it changes the neighborhood. Alternatively, a home inspection might uncover the soil beneath the property is moving too much or contains hazardous gases or that the area is prone to flooding or wildfire.
You don’t necessarily need to wait until all the checks are complete before making a move on a property. With legal guidance to insert contingency clauses, you can move forward to close on the property, while still giving yourself the option to withdraw if the checks turn up issues that you were not expecting.
