Making Assumptions In Real Estate

Making assumptions during a Real Estate transaction can be a costly mistake. Each year in North America hundreds of people assume that the property they are buying is all right. These same people proceed to purchase a home without taking the proper due diligence.

Problems such as wiring, plumbing, insulation and other mechanical features of the home begin failing and then the buyer doesn’t know were to turn.

Your first step in this instance is to seek legal advice from a professional. If your agent did their job then you should have a contract that protects you from many of these unforeseen issues.

However if you waived a home inspection, and failed to warranty the mechanical items in the home then you could have some very costly repairs on your hands. The furnace and air conditioning units are costly items to replace. An unseen leak in an oil tank can mean expensive environmental clean up.

In rural properties it is possible to find that your well has water that is not safe to drink, or that you need to truck water in because the well has inadequate flow.

If you failed to safe guard yourself in the agreement of purchase and sale you will be fighting an uphill battle if you choose to seek compensation. The courts will look more favourably on the vendor in these instances and you will be out of pocket for the repairs. This is unless you can prove that the vendor attempted to hide the issues from you, or failed to disclose problems with the home.

Before you make the decision to buy a home, make a checklist of areas to inspect. Specific areas such as, the roof, chimney, foundation, electrical, plumbing and insulation. Each of these areas of a home can unearth some of the homes history and will help uncover the overall state of repair for the home.

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