| Some decisions need to be well thought out and | | | | Never rely on any types of verbal agreements or |
| considered. Real estate issues are no exception. | | | | understood agreements. Put everything in writing. |
| Selling or buying property should not be hasty | | | | This means using the services of an attorney. |
| decisions since the repercussions of these | | | | With such a great deal of money at stake, it |
| endeavors can have serious consequences. When | | | | makes sense to put everything in writing. |
| people fund these types of ventures with loans, | | | | Title insurance and land surveying |
| buying or selling a property can have huge financial | | | | When you buy real estate, you are also investing |
| consequences. Even the most seasoned realtor | | | | in the land. Make sure that the title and use of |
| can make errors. For this reason, most people | | | | land is correctly documented in the court records. |
| understand how important it is to enlist the aid of | | | | Not enlisting the aid of professionals |
| tax advisors, attorneys, or realtors. Forging close | | | | Keep in mind that buying or selling property is a |
| professional relationships with bankers can also | | | | complex process. This is not the same as |
| work in the favor of an investor, protecting his | | | | purchasing a vehicle or a smaller investment. Be |
| interests. | | | | sure to enlist the help of proper professionals. |
| Before buying or selling property, it is crucial that | | | | Not adhering to proper timelines |
| you weigh the risks and benefits to avoid making | | | | Transactions of real estate should follow a time |
| errors that can inevitably cost you money. The | | | | line that is specified in the purchase contract. |
| following is a list of some of the most common | | | | Closing dates should be firm. All money should be |
| errors: | | | | available for the closing date. This can be |
| Finding out all you need to know about the | | | | accomplished by incorporating an escrow account. |
| property | | | | Property management |
| Did you know that sellers do not have to disclose | | | | Time and experience are required for proper |
| all information on the property you are considering | | | | management of the property. A novice trying to |
| purchasing? This still does not mean they are | | | | assume the role of property manager runs the |
| supposed to mislead potential buyers or withhold | | | | risk of losing time and money. |
| important information when a potential buyer | | | | Are you taking this seriously? |
| requests it. A competent realtor should be able to | | | | Many people do not realize how serious a real |
| verify that all property issues are investigated and | | | | estate investment truly is. Are you prepared to |
| resolved prior to purchase. | | | | hold on to the property long enough to make |
| Putting it all in writing | | | | money off your investment? |