It is absolutely essential to conduct appropriate due diligence prior to entering into a Contract of Sale for property in Liverpool. You can even make some of the due diligence a condition of the sale.
When it comes to buying property, due diligence is the term used to encompass a range of investigations usually conducted prior to making an offer on a property and entering into a Contract of Sale.
Some of the investigations are a legal obligation such as a Title Search or a Pest and Building Inspection and are conducted after the signing of a contract.
Other evaluations commonly carried out by a prospective purchaser are used to assist them in making an informed decision regarding the validity of property, as well as what they believe it is actually worth to them.
Questions You Need to Ask Yourself
There are many reasons to buy property so the first question you should ask yourself is does this property suit what you have in mind for it?
Are you planning on having horses? Growing a market garden? Putting in a pool? Looking for an easy commute to work? Want to be close to friends, family, or entertainment?
From these questions you will be able to discover what it is you need to research. Does the property have appropriate fencing or will you need to invest some cash into this? Is the soil fertile? Do you have the room to carry out your dream? Where are shops, public transport, schools, and medical centres?
Other things to consider are:-
- Flood and fire area
- Are there any building or planning restrictions
- Utilities and essential services
- Infrastructure – both current and future
- Land boundaries
- Soil and ground water contamination
We Can Assist
We’ve only been in the real estate business for 30 years or so and even though there is probably some new information we have not unearthed we can tell you we have learnt a lot and provide a lot of this information for free.
Yes it is true that some of these investigations will take time, you may have to pay for them, and you may even have to pay an expert to conduct some of them.
At Prudential Real Estate Liverpool we don’t ask what is the true cost of due diligence but rather, if you don’t take the time to make these investigations, a better question might be – what is the true cost of not doing your due diligence?