Avoiding potential real estate problems

Avoiding potential real estate problems

I think we can all agree that most problems are avoidable. In every business transaction you are making a commitment to do certain things, and the other party is making a similar commitment. If you wish to avoid problems, be certain that you understand what you are committing yourself to do before you agree to the transaction and sign on the dotted line. I hope that the following information may be of some use to you in avoiding problems. I do suggest that you read books on the following subjects, real estate financing, modern real estate practices for your state, and a book on real estate taxes.

A real estate sales contract is a bilateral contract where each party promises to do something. One promise is exchanged for another promise. The seller promises to sell, and convey, a property to the buyer, and the buyer promises to pay for the property. You avoid problems by understanding what you are agreeing to, and living up to your commitment.

Keep in mind that everything in a real estate deal is negotiable and any contract clause can be changed or modified. You can not get, if you do not ask.

I have separated these suggestions into two areas, avoiding problems when buying and avoiding problems when renting.

"If you inspect, you will get what you expect"
Jim Glasgow