WHY? Because the majority of Would- Be- Purchasers of real property normally and always try by all means possible NOT to commit this kind of mistake. WHY? Because it almost happens naturally when a person finally decides to purchase real property.
However, there are a few isolated cases where some Would – Be – Purchasers of real property negligently commit this very deadly mistake due perhaps to the sweet- talk of the Con-seller including some unscrupulous real estate agents representing the seller!
BUT WHY WOULD SOME SELLERS AND THEIR AGENTS DO THIS?
Well, there is nothing more than to make some quick bucks and then disappear before -YOU- the buyer actually has the time to discover for Yourself.
It is therefore the purpose of this very blog post today to help remind the not so shrewd real estate buyer and/or investor to take that extra caution when he or she decides to buy or invest in that piece of real property.
WHAT EXACTLY THEN IS THIS DEADLY MISTAKE No. 5 PEOPLE MAKE WHEN BUYING REAL PROPERTY?
Well, dear blog reader and real estate investor, the particular deadly mistake I’m talking about is this:
CLOSING OF THE SALE OR DEAL TAKING PLACE DEVOID OF A PROPER TITLE SEARCH!
You see, when you make up your mind to buy a piece of real property, you MUST by all means possible make sure that You DELAY the closing of the sale or deal until you have exhausted and reviewed all the necessary property information such as the property description, the name of the owner/s, whether there is a caveat (Legal Warning Not To Sell To Anyone - Placed By An Interested Party Due To Various Reasons) placed on the said property in question or not, etc including all unpaid expenses such as land rates, water bills, electricity bills, garbage collection bills and indeed any other encumbrances placed on the property to avoid any rude shocks later on. Moreover, the Title Deed MUST also be the right one - properly reflecting the correct details of the Owner/s including the property itself and NOT a forged document.
HOW DO YOU TELL WHETHER THE DOCUMENT YOU’RE LOOKING AT IS A GENUINE ONE OR NOT?
Well, by VERIFICATION of course, through the relevant government agencies such as the Local Authorities like the Local Councils and the Ministry of Lands! These agencies keep a record of all the properties in the country. You can do yourself some great justice and favor by Verifying the documents of a piece of real property before you Cash in on it!
And if you’re trying to buy income generating real estate such as rental property whether commercial or residential, You MUST also take the time to review the incomes disclosed to you during the purchase process as well as the occupancy/vacancy rates or ratios in order to prove for yourself whether the figures suggested to you are correct or closer to the suggested figures or not.
Well, dear blog reader, I hope you’ve gotten something of value out of this very blog post today. So, go well in your real estate searching endeavors.
NOTE: Read Deadly Mistake No. 6 -> HERE
I love to hear your comments. Both positive and negative ones are all welcome.
Therefore, go right ahead and drop a comment below.
P.S: Looking for Real Estate Property to Buy, Sell, or Rent? Then click on the highlighted words right in this very sentence to have a look.