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.
The data relating to real estate for sale/lease on this web site come in part from a cooperative data exchange program of the multiple listing service (MLS) in which this real estate firm (Broker) participates. The data is provided exclusively for the user's personal non-commercial use, and may not be used for any purpose other than to identify properties that the user may be interested in purchasing or leasing. The properties displayed may not be all of the properties in the MLS's database, or all
of the properties listed with Brokers participating in the cooperative data exchange program. Properties listed by Brokers other than this Broker are marked with either the listing Broker's logo or name or the MLS name or a logo provided by the MLS. Detailed information about such properties includes the name of the listing Brokers. Information provided is deemed reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Florida Realtors® and its cooperating MLSs do not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing.