Buyer Beware
Caveat Emptor (“Buyer Beware”) is often the bottom line in real estate deals in Georgia. The following list offers ways to avoid practical and legal pitfalls for your buyer:
1. Look through recent newspaper archives. Disclosure rules favor the seller; look for recent events that might affect the desirability of the home, neighborhood or area.
2. Talk to neighbors. How many people own their homes? Are there a lot of rentals?
3. Ask if the neighborhood has an association. Be sure to give the closing attorney the information to be sure the home’s account is current and to pro-rate dues on the HUD.
4. Quiz the sellers. Be scrupulous in your review of the seller’s disclosure and ask questions.
5. Get a home inspection. Again, sellers are largely not responsible for defects unknown to them. Get a thorough inspection including lead paint, termites, radon and the like (if applicable).
6. Get detailed records on past improvements. This will tell you exactly when they were done, what materials were used, and may help predict the need (if any) for future similar repairs.
7. Ask for utility bills. Call to transfer service and use the bills to estimate costs.
8. Pay close attention to taxes. Look at the taxes for the past several years; have they gone up each year? Look at any exemptions claimed by the current seller. If you will not be able to claim the same exemptions, you may receive a higher tax bill.
9. Check with City Hall. Look at zoning ordinances and other issues that may affect the property.
10. Explore the surrounding area. Are there train tracks nearby? An airport? A school?
Caveat Emptor (“Buyer Beware”) is often the bottom line in real estate deals in Georgia. The following list offers ways to avoid practical and legal pitfalls for your buyer:
1. Look through recent newspaper archives. Disclosure rules favor the seller; look for recent events that might affect the desirability of the home, neighborhood or area.
2. Talk to neighbors. How many people own their homes? Are there a lot of rentals?
3. Ask if the neighborhood has an association. Be sure to give the closing attorney the information to be sure the home’s account is current and to pro-rate dues on the HUD.
4. Quiz the sellers. Be scrupulous in your review of the seller’s disclosure and ask questions.
5. Get a home inspection. Again, sellers are largely not responsible for defects unknown to them. Get a thorough inspection including lead paint, termites, radon and the like (if applicable).
6. Get detailed records on past improvements. This will tell you exactly when they were done, what materials were used, and may help predict the need (if any) for future similar repairs.
7. Ask for utility bills. Call to transfer service and use the bills to estimate costs.
8. Pay close attention to taxes. Look at the taxes for the past several years; have they gone up each year? Look at any exemptions claimed by the current seller. If you will not be able to claim the same exemptions, you may receive a higher tax bill.
9. Check with City Hall. Look at zoning ordinances and other issues that may affect the property.
10. Explore the surrounding area. Are there train tracks nearby? An airport? A school?
Look at 14 Things To Consider Before Making an Offer:
http://www.move.com/new-homes/real-estate-news/14-things-to-consider-before-making-an-offer.cms
http://www.move.com/new-homes/real-estate-news/14-things-to-consider-before-making-an-offer.cms
