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Wait, don't accept that deal yet! The things you need to look out for before you buy property |
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Written by john krol
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Wednesday, 24 September 2008 08:45 |
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In this article we assume you have identified a property to invest in. You have also started the negotiation process but don't know what warning signs to look out for. This article will serve as an aid, outlining the aspects you need to be wary of before you sign on the dotted line.
by JohnKrol
In this article we assume you have identified a property to invest in. You have also started the negotiation process but don't know what warning signs to look out for. This article will serve as an aid, outlining the aspects you need to be wary of before you sign on the dotted line.
First things first, don't, under any circumstances, assume anything about the property, especially its value. Never make any forms of guesses as that will surely get you nowhere in this business. Always, and I can't stress this enough, confirm all information with the seller through proper, valid documentation.
Next, take on the services of a qualified building inspector as well as a qualified land inspector. Hiring such qualified inspectors will allow you to get independent verification of the property in question. Many sellers try to off-load their properties without bothering to inform buyers about various problems associated with the property. Therefore, it is a wise move to get qualified independent verification about the property.
However, this is easier said than done most times, because good-quality inspectors are hard to come by. As a result, when you are short-listing potential inspectors, make sure to follow up on their references. If possible, try and trace back their former clients and ask them whether they have experienced any problems which the inspector should have been able to identify.
Similarly, you might need to also hire the services of a professional accountant to audit all the leases for you. Unless you have the relevant experience in this field, you must ensure that your accountant has done similar work before. What your accountant or you need to look out for are any irregularities in the lease, such as problems with terminology which the pervious owner might have overlooked given his/her lack of understanding.
Additionally, you will also need to ask the seller to secure an estoppel letter from all tenants. For those of you unfamiliar with this term, an estoppel letter basically verifies that the attached lease is a true and accurate copy of the existing lease. More importantly, an estoppel letter also clearly specifies that there are no other agreements pertaining to the property between the tenant and the owner.
If so far you feel that the process of auditing leases and getting estoppel letters is mundane, you have another thing coming. You need to complete a thorough review of the entire inventory list to ensure that everything is in its said place. In addition to a visual inspection, it is advised to videotape the inspection as well. While making the videotape, ensure that you have one member of the seller's team with you and remember to point out any item missing or in need of repair.
Additionally, you will also need to attain a certified property survey, either requesting a copy of one already available, or, by conducting a new survey. You need to ensure that the survey includes information regarding the property's location, easements, and dimensions. If you feel you yourself don't have the experience required to conduct an accurate survey, you can always turn to a professional surveyor. Lastly, you will need to make sure that all debts and liens pertaining to the property are accounted for in correctly.
You might wonder why all the caution. Just think about the stories you read in the paper about how so and so got scammed out of all his money. Being on your guard is not the same as being cynical. Remember that is your right to carry out this due diligence before you sign any document. Regardless of the property type, just before you sign the final contract, it is advised to make a final inspection.
If you do go through all of the above steps efficiently and whole-heartedly, you will definitely avoid any unpleasant surprises later on. That said, here's wishing you Happy Buying!
Boomers Bank The Investor's Guide to Commercial Real Estate and Retirement Planning How to Invest In Commercial Real Estate Using Your IRA or 401(k) http://www.ira-401k-realestate.com/IYF-Video-Opt-In/
About the Author:
http://www.ira-401k-realestate.com/IYF-Video-Opt-In/ |
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