For starters, know what you are buying. Ask questions. For example:
(1) Are there any zoning violations on the property which will have to be corrected?
(2) Are there any environmental hazards which may be present (someone in the distant past may have dumped environmental hazards on the property so an environmental assessment should be made)?
(3) Are there any apparent conditions on the property which could potentially harm someone who happens to come on the property?
(4) Are there any restrictions or covenants in the purchase contract that would be hard to comply with?
(5) Will you be able to pay the mortgage on time?
(6) Are there any potential defects in the chain of title? Resolve these issues before you take title, interest or possession.
Real property owners can protect themselves from many of the risks of ownership by purchasing insurance. The two most common forms of insurance for real property includes liability insurance and title insurance.
It can help to discuss your personal and business goals with an attorney before you sign so the lawyer can read the document and advise you if it meets those goals.
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