When you are in the market for a new home, the thrill of finding your dream property might overwhelm you. Still, it is essential to check the property’s history before committing to a purchase.
In general, sellers have legal duties to disclose certain information to buyers that could impact the property’s value or safety. Sellers may not always be aware of every issue, so buyers may have to conduct their own research.
It can save you from potential legal and financial conflicts
Knowing a property’s history empowers you to take control of your investment. By digging into it, you may be able to:
- Uncover hidden issues: Past problems, such as flooding, fires or structural damage, might not be visible during a standard inspection.
- Identify legal concerns: Liens, easements or boundary disputes could affect your ownership rights.
- Assess property value: Historical data helps determine if the asking price aligns with the property’s true worth.
- Predict future problems: Recurring issues in the past may indicate potential future troubles.
- Ensure proper permits: Verify that all completed renovations and additions were legal.
In New York real estate transactions, the concept of “caveat emptor” or “buyer beware” remains relevant. This principle requires buyers to thoroughly investigate properties before making a purchase. This way, you can better understand what you are buying and negotiate more effectively.
Getting legal help is crucial
While it is possible to research independently, the process can be time-consuming and confusing. This often involves checking with the local county clerk’s office, visiting the local building departments and consulting with the tax assessor’s office, to name a few.
Many buyers find it advantageous to have a legal professional review the property’s history. It is best to enlist the help of an attorney as well if you seek to ensure a successful and stress-free purchase of your dream property.