As someone who wants to make a real estate purchase, it's important not to make mistakes that could put those investments at risk. There are several kinds of mistakes possible that you can avoid with the right knowledge and education.
If you make one of these errors, it may be difficult to save the purchase of a property. Here are a few things to look out for to protect your rights.
1. Make sure the seller has the rights to the property
If the seller doesn't have the rights to the property, he or she has no right to sell it. It's easy enough to find out if someone has the authority to sell a property: A simple call to the title company can determine who the legal owner of the property is and secure your purchase.
2. Don't forget about paying earnest money
Another thing you probably have to do is to pay earnest money by a certain date as listed by your contract. If you do not make the payment by that date, you're in breach of your real estate contract. If that happens, the seller could move on and offer the property to another party.
3. Understand the zoning rights
If you want to purchase a business, make sure the real estate is zoned for business. Many properties used for businesses have intended uses that vary in their zoning. Make sure the zoning you need, whether it's commercial or residential, lines up with the property you're purchasing.
These are just a few things that could help you avoid a sale that falls through or a property that isn't what you expected. Our website has more on what to do to make your real estate transaction move smoothly.