Check Out The Tax Bills, Utility Bills, And Leases Before You Buy
Here is one scenario: You purchase a rental property, but two weeks after you close, the tenant moves out - and yet the seller assured you the lease had ages on it yet. Now you are finding it hard to rent out because a sewage treatment works is being built just across the road. Not only should you have asked the tenant for a letter confirming his tenancy status, you should also have checked public works records for that area - or even asked the neighbors what was happening. Another problem could occur if you don't do a thorough title search on the property. You don't have to do it yourself, though that is getting easier by way of the Internet. A title search will tell you if the property has debts attached to it. If the seller has defaulted in his mortgage payments it is likely that he has done the same with other debts. Like electricity and taxes. Whether buying for yourself or for an investment, you must always do a local land charges search. This way you'll get as much information as possible on the property. Two forms are used for this search, which is undertaken by your local authority. Form LLC1 will tell you if the property is a listed building, whether it is in a conservation area and if any trees are protected by preservation orders. The CON29 form deals with local plans for the area; eg, a sewage treatment works, if any roads affecting the property are private ones and other environmental issues. An additional environmental and a water drainage search are now required by financial lenders. There are endless amounts of documents to vet before you close. These may be building zone permits, rent and lease applications, title policies, mineral leases, inspection reports, purchase contracts, underlying loan documents, health licences and many more. Unless you are an attorney yourself, you will need help with it. Professional realtors know where and when to get that help and take all the stress out of your transaction. The right professional person will check out if there are any liens on the property so you won't be caught buying a boxful of debts. |
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