If you are buying real estate, you want to know what you are buying and not have any unpleasant surprises. You do not want to learn after you move in about liens against the property or mold that is growing on the walls because of leaky pipes. You can avoid these surprises by obtaining a due diligence report. In this report a careful inspection of title and physical condition of the premises is done before the transaction is completed. A Phoenix real estate lawyer can help you with this report.
The concept of due diligence arose in securities law where a broker would inspect a particular investment before the buyer would complete a purchase. The broker would go through a checklist of possible things which might be wrong with the investment and deliver a report to the buyer. Then the buyer could make an informed decision as to whether to invest.
The concept has been borrowed for real estate transactions. A buyer wants to know about easements and all other matters about the property before following through with the purchase. If it turns out that there is a lien against the property for $10,000 the buyer will want that cleared before buying or will seek a reduction in the price by that amount. If the roof needs to be repaired because of leaks, the buyer will want that fixed or a reduction in the sale price. The sellers also benefit from due diligence reports because it protects them from later suits for failures of disclosure.
The real estate law team of Schern Richardson Finter, PLC is skilled in the preparation of due diligence reports for real estate transactions. We assist buyers, sellers, and real estate brokers. We thoroughly examine county records to for defects in the title and retain expert building inspectors to report on the physical condition of the property.
Contact a Phoenix Real Estate Attorney at the firm for professional due diligence reports for transactions.
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