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Buying Property? Five Important Points
1.Do
a Title Search
Find out if the seller really owns the
land and if there are restrictions for
building your house.
2. Due
Diligence Check the history of the
seller; do they finish building on
time? Do they have any pending lawsuits
against them? What is their track
record?
3.Review
the Contracts Do you really want
to sign a contract prepared by a Seller
without a legal opinion? Think about it
the Seller will write the contract in
his favor and leave you with little
protection should something go wrong.
4. Realistic Payments Dont pay
more than 25 percent down in the
beginning for new construction. Made
progressive payments as the building is
constructed.
5. Legal Structure How will you
acquire this property? Lease or
freehold? Contact a property lawyer to
find out the best structure of
ownership.
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