Know what you are getting before making a real estate purchase

Whenever you make a purchase, it would seem obvious that you would want to know exactly what you are getting. You aren't going to buy a car without knowing the engine has seized, or a computer without knowing that the motherboard is damaged. The same is true with real estate. Whether you are purchasing property or a home in or near Worchester, Massachusetts, or anywhere throughout the United States, it is crucial that you know what you are getting before you sign on the dotted lines.

Real estate sellers are required by law to disclose any problem on the property or buildings that they are aware of. Additionally, it is illegal to willfully conceal defects on the property. Disclosing or not disclosing damage or problems on a property could have a substantial effect on a property's value.

It might be helpful to hire an inspector to look at the property to find potential problems. Doing so could help in proactively addressing potential problems down the line, and could also help with making the property value more accurate. It is in everyone's best interest to have all problems documented in written form before a real estate transaction is made. This could help alleviate issues down the road if it is later revealed that there are serious problems or damages that were not previously disclosed.

As with any business transaction, the more preventive measures you take in advance, the easier it will be to resolve them down the road in the event of an issue. If you believe that real estate property you recently purchased had undisclosed damage, you may want to reach out to a law professional familiar with real estate transactions to learn how to proceed.

Source: Findlaw, "Required Real Estate Disclosure When Selling Property," Accessed July 24, 2017

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