Information every Property Investor Should Know Before Making a Purchase

(EMAILWIRE.COM, March 24, 2008 ) Columbia, S.C. -- Property investment can be very lucrative however there is some risk involved. It is important that property be researched and that investors are aware of the ramifications regarding the house/property they are planning to purchase. Buyers are entitled to seller disclosures that should list all pertinent information. The following list includes some of the basic research that should be done prior to making a purchase:

1) A Property Disclosure Statement includes material facts, deaths on the property and recent repairs. Property Disclosure Statements are required by law in most states (in California it is required by Civil Code and is called a Transfer Disclosure Statement).
2) The HUD-1 is a settlement statement showing line item charges. The HUD-1 was created in an effort to simplify the disclosure of closing costs and it does so line by line so that the parties to the transaction are aware of all charges.
3) The Preliminary Title Report or Title Commitment should contain any information regarding easements or plans for any sort of construction on the property such as a backyard pool, fence and various other additions.
4) The covenants, conditions and restrictions (CC&Rs) are a matter of public record and affect the way the property can be used.
5) The lead-based paint disclosure gives the buyer 10 days to inspect for lead-based paint unless both parties agree to waive this right. There is a Lead-based paint was banned in 1978; however, even though a property was built after 1978 does not mean that it is lead-free.
6) The radon gas test. Radon gas has been linked to deaths from cancer and can contaminate the property's water sources.
7) The toxic mold test is usually simple and reasonably inexpensive. It is extremely important that these tests be performed and disclosed since some issues with mold can be excluded from the homeowner's insurance policy, and keep an owner from getting homeowner's insurance in many cases.
8) Termite and Power Post Beetle inspections. Termite inspections are a normal part of the process of buying a home. Power post beetles are not as well known. These are a specific type of beetle that eats wood. It is important to get the information about termite and post beetle inspections and how to inspect for damage before the deal is finalized.
The last item is extremely important. Natural Hazard reports disclose various conditions that could affect the property, such as whether the property is subject to shifting sands, fires, flooding or lies on a fault line. It is important to be aware of all this information before finalizing the purchase.
Jeff teaches the real estate secrets of purchasing pre-foreclosure properties while executing real estate theory to actual practice. To learn more go to http://www.freeshortsalecourse.com/

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