Thirteen Ways To Limit Your Risk
- Understand Your Personal Situation: Know Your Goals, Needs, Wants, Time Table
- Review the Seller's Disclosure Statement: Always Review Prior to Making an Offer or include, in your Sales Agreement a contingency period to review, approve or withdraw your offer based upon the Seller's Disclosure.
- Personally Inspect the Interior and the Exterior: Walk around and make sure there are no glaring structural defects.
- Have the Property Inspected: Always include an Inspection Contingency; inspect Septic, Lead Paint, Well Water, Radon, Pool, etc.
- Check out the Neighborhood: Drive around and inspect the surrounding areas.
- Contact Governmental Agencies: Find out plans for road widening, new schools and other public works. Check on zoning and the county land plan.
- Have the Property Surveyed: Know what easements impact the property and exactly where the property corners and fence lines are located.
- Review the Wood Infestation Report: Make sure any prior infestation and damage have been dealt with.
- Get a Home Protection Plan: Get a Home Warranty, Even if You Have to Pay for it Yourself
- Have the Property Appraised: Have Your Agent Prepare a Competitive Market Analysis, Attach an Appraisal Rider if a Cash Deal
- Buy Owner's Title Insurance: Protect your equity
- Protect Yourself with Contract Contingencies: Include Any Necessary to Protect Your Negotiating Position
- Hire an Attorney: Have your agreement reviewed by an attorney experienced in real estate if your Sales Agreement contains many contingencies or intricacies that could cause a legal problem during or after the close of your property. I am a Real Estate Agent NOT an attorney licensed to practice law. If you have any questions regarding a legal aspect of the contract or the terms of your purchase or sale, contact a real estate attorney for advice.
