Buyers and investors need to continue to be hyper- vigilant in 2015

As 2015 rolls in, the outlook appears healthy for our local economy’s real estate market according to a recent Miami Herald article.

Buyers and investors need to continue to be hyper-vigilant with their property inspections and title related matters when considering property purchases. The dust from the foreclosure and default rampage is not settled, and many title and property related issues continue to linger over transactions.

Here are the top things for buyers and investors to be aware of 2015:

1. Title defects linger: Always ask for  a signed copy of the title commitment from the title company issuing title insurance for your records, as well as the final title insurance policy. If you have any concerns about title, pay an attorney for an independent review of the title commitment and supporting documents
2. Adhere to property inspection deadlines: With fallout still going on from poorly done repairs and abandoned properties, make sure to hire competent property inspector and leave no stone unturned when inspecting properties.
3. Check for code violations and open permits: Make sure to ask title company for a copy of what is know as a “lien search” This search reports open permits, code violations and municipal liens. Issues can amount to thousands of dollars and need to be resolved or paid at closing.
4. Monitor deadlines: Sellers are aggressively pursing escrow deposits for buyers defaulting on contracts. Calendaring a file and explaining the implications of missing deadlines can keep buyers and sellers on track for closing. See sample deadline calendar

Keeping files on track until closing day and preventing foreseeable problems can ensure a fantastic 2015!

For a complimentary, no obligation contract review contact us  and let us know how we can help.

Disclaimer: The Closing Company, Inc. is not a law firm and is not providing legal or tax advice in this publication.  For legal advice, please consult with a licensed Attorney. For tax advice, consult with a Certified Public Accountant.