Although making an “as-is” purchase may be a calculated risk in certain situations, an attorney that focuses on real estate law might caution against applying this approach when buying real estate. In the parlance of real estate law, such “as-is” language might be termed inspection and mortgage contingencies.
Of course, this advice might be easier said than followed, especially in a seller’s market and/or when a buyer has fallen in love with a prospective new property. Fortunately, an attorney can help a buyer avoid making such emotion-based decisions in the heat of the moment. An inspection can reveal serious flaws, such as areas requiring plumbing or electrical work, a roof in need of repairs, or termite damage.
There are many areas where a real estate attorney can offer due diligence to a buyer. For example, another potential liability facing prospective buyers is a title defect. An attorney can research and prepare a title report, alerting buyers to any inconsistencies in the public records. Â Â
An attorney can also research any zoning or land use regulations that apply to the property. This could help avoid the nasty surprise of a buyer seeking to do a remodeling project, only to discover that the property is subject to historic preservation rules.
Finally, an attorney can also review the specific real estate documents involved in a proposed transaction. That review may uncover terms or conditions that could affect a buyer’s responsibilities in the future.
Our firm has experience representing buyers and sellers in a comprehensive array of real estate matters. Our due diligence can go a long way toward helping you make the perfect purchase. Check out our firm’s real estate law page to learn more.
Source: FindLaw, “Commercial Lease Agreement Overview“