What to Know About Investment Properties
A transaction related to an investment property can be filled with bumps, headaches and other problems, or it can smoothly anticipate and prevent future problems. When you seek the services of a cost-conscious, skilled real estate investment attorney, you should speak to us at the law firm of Brian T. Murray, Attorney at Law.
Please call 302-724-6082 or 866-920-8379 or e-mail our office today.
Number One: Location, Location, Location
Make sure to purchase property in a financially wise location so you recoup your investment. Do your research and seek the counsel of an attorney knowledgeable in real estate laws, issues and trends in Delaware.
Number Two: How Will Mortgage Payments Affect Your Finances?
You would be surprised at the number of investors, who once the contracts are signed and the settlement is finalized, don't have enough income to pay the full mortgage even with rental income.
Number Three: Avoid Unpleasant and Costly Surprises
Make sure that your attorney is a seasoned investment lawyer who knows how to find variances, zoning issues, or liens before you buy. Purchase owner's title insurance, a minimal expense, so that if title issues do arise, you are covered. For instance, fraud will not generally show up on a title search.
Number Four: Review the Condition of the Property
This seems deceptively simple. It is not. Some people have worked with me on upwards of 50 properties. Some people make the mistake of thinking that the property is in good condition but only an experienced inspector can truly determine the condition of the property.
Number Five: Check the Zoning of Property
Make sure that the intended use of the property conforms to local zoning laws. Just because it is being used a certain way pre-purchase, doesn’t mean that this usage is legal. You do not want to buy into that problem.
Number Six: Know What You Are Getting Into
If you are purchasing a sheriff's sale property, understand that it can be difficult and costly to get people who have been foreclosed upon to leave. They may not leave the property in good shape, either. Make sure that the contract you sign protects your best interests.
Contact a reliable, attentive and effective real estate lawyer to represent you, by calling 302-724-6082 or 866-920-8379
