Wednesday, July 2, 2014

Talking about real estate inspections

In recent days talking to my friend Dr. Raul Pino, specializing in the real estate industry lawyer, on the subject of inspections in real property, and the incredible story emerged that years ago be expected to arise in his office. The later relate.

The conversation we held my friend Raul and lighting it up for the current mode to close properties that have the most financial companies, for the foreclosed properties. These companies do not take care to correct any defect or amend the building code violations that may have the property, leaving the work by the buyer to address any relevant illegality.

In certain municipalities in the county requires a seller to make an inspection of the property prior to sell the property, and correct defects established, besides bringing to code any illegality incurred in the inspection in question, before closing it. Worth noting that this happens when the real property belongs to an individual. However, if the property is part of the portfolio of a large company or a financial giant Freddy Mac, the municipality shall give permission to close the property and will be the responsibility of the buyer to repair and amend the illegalities in the time agreed with the municipality. Normally, 180 days.

Dr. Pino emphasized in our conversation the importance of the inspection process in any purchase of real property. I said again and again that this is the only time that the buyer can evaluate if you are making a good investment and if your money is well spent. According to their hypothesis, with which I agree, the buyer must select an accredited inspection company, without involving in selecting the selling agent or financial agent, much less a title company.

Conflicts of interest at times detrimental to the parties involved in the process. That is why the buyer should be documented very well about who he hired to investigate and defend him. A good source for information could be the lawyer to represent you, he will know who to recommend.Oh, and the day of inspections try to be present to know, first hand, what is happening on the property you intend to buy.

As a farewell, they do tell the story that my friend Raul.

According to him, there was a time that three days after closed a real estate deal, got the call from the buyers of the property saying it was raining inside the house than outside. He reviewed the record of the transaction and said inspections found that the roof was in perfect condition. He tried to communicate with the engineer who signed the report and to his surprise he was told that it had died thirty years ago and did not remember that they have inspected the property. After an arduous battle Dr. Pino got the realtor, who recommended inspectors, pay for the arrangements.

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