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08.06.2023

Episode 72 - Real Estate Transaction Risks

While real estate transactions are supposed to be easy and hassle-free, the truth is that they carry certain risks and require preparation and careful research. Today, we'll take a look at some of the main risks associated with these transactions and how to avoid them.

1. The first and main risk is related to the personality of the seller. We should always make sure that the seller is the rightful owner and has the right to sell the property. It often happens that a preliminary contract is signed by one of the co-owners without the consent of the others, which can lead to disputes and legal problems later.

2. The second risk is related to the condition and legitimacy of the property itself. When buying land or a plot of land, it may turn out that the location of the land does not match the description or that there are hidden defects. Public sales can also be risky as there is often insufficient information about hidden problems on the property.

3. The third risk is related to the price of the transaction. Sometimes the price you see doesn't include all the additional costs such as external ductwork connection fees or additional building materials. It is important to do a detailed review of all the costs that will be required after the property is acquired.

4. The importance of preparation. Whether you take professional help or carry out the checks yourself, it is important to be thorough and careful. Preparation will help you avoid future problems and headaches.

In conclusion, real estate investing is exciting, but it requires care and preparation. By following these tips and being careful, you can reduce risk and enjoy successful transactions.

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