You have probably heard of the due diligence period in a real estate transaction, but you may be scratching your head as to what that is. So, when you find a home you want to buy and you’ve looked at it and made an offer, the due diligence period is the point in time where you professionally and fully inspect the property.
Things you might look for are leaks, appliances breaking, or any other major mechanical issues like a broken roof. Another thing that you’ll receive is a Title Report, and this basically gives you an accurate answer as to who owns the property. This is important because you need to purchase the property from the rightful owner, otherwise you could have someone claim ownership of your home years down the road.
You’ll also have to view the Homeowners Association rules and regulations. I have a lot of investors coming to Las Vegas and they want to purchase a home, but many HOA’s here do not allow that. It’s important to read HOA rules carefully, because once you sign, it’s difficult to get out, and every neighborhood has different rules.
“
This is essentially your safety valve
and way out of a bad transaction.
”
and way out of a bad transaction.
It’s really important to kick the tires during the due diligence period because it’s your chance to make sure that you’re buying a quality property. This is essentially your safety valve and way out of a bad transaction.
If you have any other questions, please don’t hesitate to contact me. I look forward to hearing from you.
