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The Importance of Due Diligence in Real Estate

Whether you are buying a small track of real estate for $10,000 or buying a $20,000,000 commercial building, conducting a through due diligence examination of the real estate is absolutely imperative to you as a buyer.  The real estate industry is laced with horror stories in which buyers are stuck with serious problems from poor due diligence examination of their real estate purchases.  From bad title, existing liens and improper zoning issues there are landmines everywhere in the real estate business you must be aware of.  How can you avoid such matters when you purchase your next real estate property?  Here are a few issues to consider.  I will begin with this expression; See it for what it is, not what you want it to be.  What this implies in a real estate purchase is that property should be seen with all issues attached both good and bad.  Another words, never take the advice of a real estate agent that the property is the next Taj Mahal.  There is plenty more about due diligence for future blogs but here are just some of the important documentation you should be requesting from the selling agent before you purchase real estate.  And, if real agents and their sellers do not or will not provide these documents then here is where the red flags should start popping up for you as a buyer.  First, read and understand all disclosure documentation attached to real estate being sold.  Second, even though there are more documents needed, initially request these documents; insurances, zoning, surveys, tax bills, utility bills, title insurance policies, notice of any litigation, any current assessments and servitudes to name a few.  Finally, work with a reputable title company to conduct your title search.  The title company will perform your title work but make sure you use a good company. Obviously, some have been known to drop the ball on many occasion.  Even though this information is common knowledge in the real estate world, you would be shocked as to how often these due diligence issues creep into my negotiations and kill deals.  Just about every single day to be exact.  If you are looking to purchase real estate, please contact Lanclos Realty, LLC to assist you in your next purchase.               

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