Common Issues To Be Aware Of And Investigate Before A Real Estate Purchase
People are often tempted to rush through a real estate transaction. You find that dream home and you cannot wait to move in. You find a building that seems to be priced well below the market value, and you want to buy it before anyone else does. You search a specific neighborhood for months or even years without seeing a home go up for sale, and when one finally does, you want to buy it before you even set foot in the door.
Here at D’Alessandro & D’Alessandro, LLC, in Basking Ridge, New Jersey, we understand how you feel. We are a local law firm. We are part of this community.
We also know the risk of moving too quickly. There are plenty of potential issues you must investigate first. This is a huge investment. Do not make the decision too quickly. Common issues include:
- Mold: Black mold can be toxic. It must be removed, and the process can be lengthy and expensive.
- Easements: If the property has an easement, that means someone else may have the right to use part of that property — for instance, the neighbors may share your driveway. Typically, an easement stays with the property, so any agreement made by a previous owner may still stand.
- Serious defects: You want to look for serious issues like water damage, roof leaks, foundation cracks and electrical wiring that is not up to code and poses a fire hazard. Do your due diligence during the inspection.
- Permits: If you are buying a commercial space, you need to know what permits are required to use that property as intended. You also want to look into local zoning laws.
As much as you feel excited to move the sale forward, any of these issues may prove to be too much to overcome. Structural damage could make a home unsafe; zoning issues can mean your business can never run out of that building anyway.
You must know about these issues upfront. You also need to know how to set up offers and contracts so that you can get out of them without penalty if the inspection does not go as well as you hope. Moreover, you need to know your legal options if the property owners failed to report issues or actively tried to conceal them.
How To Contact Us
Would you like to work with experienced real estate attorneys? Please contact us online or give our lawyers a call at 908-766-5400. We will look out for your best interests and make sure the process goes smoothly.