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What is Due Diligence in Real Estate?
Dated: September 7 2019
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If you’re buying a home for sale in Vero Beach, your real estate agent will eventually talk to you about due diligence. Maybe you’ve already seen the term, too.
But either way, here’s what due diligence means.
What is Due Diligence in Real Estate?
In real estate, the phrase due diligence really means homework. It includes doing things like:
- Getting a home inspection, which can save you from tremendous hassle
- Having a title search done
- Reading up on HOA rules
- Making sure you’re getting what you’re paying for
Your real estate agent will help you stay on track through the entire buying process, but here’s what you need to know.
#1. Getting a home inspection, which can save you from tremendous hassle
One of the first things you’ll want to do when a seller accepts your offer is to hire a home inspector. The inspector will go through the home and check out its major systems, its foundation and its construction. He or she will look for things that could cost you money to fix if you buy.
#2. Having a title search done
You’ll also hire a title agency to find out whether there’s going to be anyone who can challenge your home ownership. They’ll review public records related to the property to determine whether the title is clear and you can purchase the property.
#3. Reading up on HOA rules
If your new neighborhood has a homeowners association, or if you’re buying in a condo complex, you’ll have to review the rules and make sure they’re right for your lifestyle.
#4. Making sure you’re getting what you’re paying for
The bottom line is that during the due diligence period, it’s up to you and your agent to make sure you’re getting what you’re about to pay for. Buying a home is one of the biggest – if not the biggest – financial transaction you’ll ever make, so it makes sense to dot all your Is and cross all your Ts.
Chip Boyer
Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....
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