Re: Do I own the House??? - Posted by Ronald * Starr
Posted by Ronald * Starr on July 05, 2001 at 22:23:48:
You have outlined the basic real estate transaction. Often people use an escrow company or person to hold the money and the deed, so that neither side can cheat the other one. The deed is recorded when the money is able to be handed over to the seller.
You understand that sometimes houses have problems? Structural, title, location, etc. You want to make sure you know what you are buying. You may want to hire people to investigate the house for you: termite inspectors, roofing experts, soils engineers. How about a “building inspector?” Or perhaps you could get some help from some very sophisticated investors in your area.
You want to be sure about the location of the property – is it going downhill? Uphill? Even?
What about zoning? Does the property conform to current zoning laws? How about conforming to current-day building requirements? It would be a shame to have a fire-damaged building on your hands and find that the county or city will not let you rebuild it as it was.
Oh, you ditn’t mention insurance. Is the house eligible for standard insurance?
There are a lot of ways to lose money with real estate. If you don’t know what you are doing, I hope you will have some advise from people who do.
Good Investing********Ron Starr**********