When a person makes the decision to purchase property, whether it is residential property or commercial, it is important they know exactly what they are buying because this is a major investment. Not every property is going to be perfect so it is important to determine what underlying issues the property has that may make the investment more costly down the road. It is important that each property buyer has the property inspected for a number of different problems.
It is important that an experienced and knowledgeable inspector assesses the property. They will look at a variety of structural aspects, the electrical wiring, foundation, find any mold or asbestos, and more. Depending on what is found in the inspection, the buyer may determine that the property simply isn’t worth the cost to fix it and may move on. However, some buyers are looking for more of a fixer-upper and will use any issues as an opportunity to make their own mark on the property.
If any problems are found during the inspection, it will also be important to determine which party will pay for any repairs that can become necessary. If repairs need to be made, the buyer can request that the seller lowers the price of the property or that they cover the cost of the repairs. However, it is important to note that the seller does not have to agree to these negotiations and can simply decide to wait for another potential buyer who will pay for these repairs on their own.
The law firm of Mattleman, Weinroth & Miller, P.C., is composed of experienced attorneys throughout the states of New Jersey and Delaware. Please contact the office for a free initial consultation and get any questions answered regarding your specific case.