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Procurement of any real estate transaction contains so many issues that should be settled between owners and buyers. Right before closing a deal to buy a new real estate property, the buyer needs to do thorough inspection. It is very vital for the buyer to know all important details regarding the existing condition and issues of the property.
All legal forms should be scanned and signed accordingly with a lawyer to ensure your rights are observed. Here are several issues you should watch out before deciding to buy a property regardless if it�s commercial or residential. These should be part of the diligent investigation to ensure the quality of the property you want to buy:
1. You should clearly detect any underground or above storage tanks.
2. The inspectors should look for any hazardous materials and substances released within the area. This is very imperative to secure the safety of your family especially if it is a residential property. Investigations regarding these issues are important to prevent future problems.
3. Asbestos is one of the most dreaded substances buyers should look for because it can really endanger people�s lives.
4. Obtaining test result for any radon or remediation.
5. Obtaining water test result for a safe drinking water.
6. Lead paint issues can also determine by this diligence investigation.
7. It is necessary to determine past owners of the property to ensure proper turnover of titles. You may need an attorney to ensure that all real estate forms are appropriately done in accordance with the law.
8. Termite and mold inspection is also included in this diligence investigation. This is to protect you from spending large amount of money for repairing and treating the property.
9. A review of the past tenant forms if there�s any. This can give you information about past lease issues of the property.
10. It is vital to have legal representation throughout the course of the business transaction.
You can freely hire trusted and professional lawyers to handle all of these important issues. There are instances where the buyer cannot appear to all important meetings. In this case you can acquire power of attorney forms for your representative. The representative can be a relative of the buyer. You have to ensure that your representative will do his/her duty in the due diligent investigation.
It is better to handover the task to your brother or sister to ensure that all important issues will be dealt with concern. Real estate transactions are undeniably crucial for both seller and buyer. It is better to have face to face communication to prevent misunderstanding and future problems regarding property issues. You need to find a good lawyer to help you with the terminologies in case of court appearances.
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