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10-30-2011 , 03:25 PM
#1
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So my friend is going to buy this condo, the offer has already been made and the seller accepted it. His realtor is going to call him back tomorrow with something for him to sign that I guess to complete the deal. It is his first time purchasing a home and I haven't purchased a home before myself so I don't know much about it. What are some things he needs to be aware of to avoid fraud/scam. And what about this thing call title insurance, is it necessary?

Thanks guys for the advice.
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10-30-2011 , 03:32 PM
#2
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frist in boring thread
Last edited by ninetynine99; 10-30-2011 at 03:33 PM. Reason: Doesn't he have a realtor to get this kind of information for him?
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10-30-2011 , 03:43 PM
#3
hyde
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Quote:
Originally Posted by xNutCracker
So my friend is going to buy this condo, the offer has already been made and the seller accepted it. His realtor is going to call him back tomorrow with something for him to sign that I guess to complete the deal. It is his first time purchasing a home and I haven't purchased a home before myself so I don't know much about it. What are some things he needs to be aware of to avoid fraud/scam. And what about this thing call title insurance, is it necessary?

Thanks guys for the advice.
He should be fine unless his real estate agent is a rookie.
However he should investigate the financial status of the condo association and the age and condition of the building. Does it have a professional management company or is it a small group headed by a well meaning but incompetent president?
I speak from experience. Our building has 9 residential units and 7 office units. For years the driving philosophy was " OMG we can't increase the dues!!!" As a result we now have what is affectionately called ' deferred maintenance' in the real estate game. About $80,000 dollars worth. And no maintenance fund to pay for it.
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10-30-2011 , 03:56 PM
#4
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Title insurance is pretty much mandatory, saves the new buyer from losing his house if the seller has an undiscovered lien on it.
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10-30-2011 , 04:54 PM
#5
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This is stuff he should have thought about before making an offer.
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10-30-2011 , 05:56 PM
#6
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Moved to BFI
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