Buying real estate means spending a lifetime’s savings for most people, so it’s necessary to make an informed decision and not buy a property blindly. One of the aspects of the buying process is checking the seller’s background and credibility. Here are six things real estate buyers should screen in a seller before closing a deal.
Property title
Before signing the contract, read the property title to ensure that the seller is the legal owner of the property. A title search can also uncover any liens or encumbrances on the property that could affect your ability to purchase or own the property.
Disclosure documents
In many states, sellers have to provide disclosure documents that outline any known defects or issues with the property. These documents can provide valuable information about the condition of the property and any potential problems you may encounter after purchasing the property.
Home inspection reports
A home inspection can provide valuable insights into the property’s internal and external condition, including repairs or renovations. Before closing a deal, review the home inspection report and ensure that any necessary repairs or renovations have been completed or factored into the purchase price.
Seller’s reputation
It’s essential to research the seller’s reputation before closing a deal. Look for reviews or testimonials from previous buyers, and check online forums or social media for any negative feedback. If the seller has a poor reputation, it may be a red flag indicating potential problems with the property or the transaction.
Financial stability
Before closing a deal, check the seller’s financial stability. Review their credit history, tax returns, and other financial documents to ensure that they have the means to sell the property and that there are no outstanding debts or liens which could affect the sale.
Contract terms
Finally, review the contract terms before closing a deal. Check whether all terms are mentioned and that there are no hidden fees or costs. Consider working with a real estate attorney to review the contract.
Before finalizing a real estate purchase, vet the seller and ensure you are not making a rash decision. With proper due diligence, you can secure a smooth and successful real estate transaction.
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