Buying property in Vancouver, BC, is a major investment. You have to be careful about you to get value for your money. One of the ways to avoid fraud is by conducting a compliance check before you make an offer. Failure to do so might spell the need for real estate litigation lawyers.
A background check on the property and the owner can help you reduce the risk of getting into such mess. Here then are three important things to consider when buying property.
You need to ensure that the deed to the property is in the owner’s name. Has the deed been charged to a loan? Are the rates paid on time? If you buy a mortgaged property, you will end up bearing the mortgage costs unless the arrangement is with a bank and it is a short sell for a repossessed property.
Is the property in good shape? Will you have to do a lot of repair work before you move in? You need to get a professional to inspect the property and ensure that the wiring, plumbing, roofing and other features of the house are in good condition and are working.
Take a walk through the neighborhood and talk to some of the locals. Find out how secure the area is, the noise level, nighttime lighting, and traffic. It would be detrimental to move into a new property only to find out that the neighborhood has a drug menace problem or acts of violence.
While these factors are important, they barely cover everything you need to do when purchasing property. If this is your first time buying property, you might need the services of a professional.