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Real estate purchase checklistTitle check - If you are told that the property is titled, having the title checked is a very simple process. Simple request the "Finca" (lot) number, and have this investigated at the Public Registry. This will show any encumbrances (mortgages or liens) on the property, as well as show the ownership history. It is also useful to confirm the registered surface area of the property, and that the person who is selling the property is the actual owner. Rights of Possession - You cannot "purchase" rights of possession (squatter's rights). But you can have them transferred to you. You should make sure that all neighbours are in agreement with the sale, the boundaries and the survey. It is particularly important that you check the history of "ownership", and inquire regarding any disputes. Also, have the rights of possession registered with the local Municipal Government. The contract of the transfer should be done via notary. You particularly need to make sure that this owner hasn't already transferred his "ownership" to 5 other people before you. See also Concession Application Process. Talk to the neighbours - Tell people you're looking at property in the neighbourhood and ask how they like it and if they know anything about the property or problems in the area. Are there any boundary disputes with the current owner? Are there any issues (availability of electricity, water, cable, internet connections) which you should be aware of? In Bocas, this usually means talk to the "locals" - i.e. the foreigners who have lived in Bocas for more than 5-8 years. They have seen and heard it all. Surveys or Subdivision Maps of the Property - Get a survey if property inspection shows boundary issues may be involved (e.g. fence lines, encroachments, shared driveways), especially in rural areas, or if you're counting on a certain minimum parcel size for future subdivision or other reasons. Make sure that the fence line actually follows the property boundary. Check out the reputation of the property surveyor - At least in Bocas, this is an important issue. Not all surveyors are fully qualified, and it is difficult to get a good surveyor there. Sometimes the surveyor is in cahoots with the property owner, and other times they are simply incompetent. Planning & Zoning issues - Related to the land & surrounding area (e.g. permitted uses, variances, conditional use permits, proposed general or specific plans changes for the area). Especially important if undeveloped or redevelopment area nearby or for special purpose property (home occupations, granny flats, non-conforming uses, etc.). This is especially important if you are in the city or near a natural reserve. Development agreements - May impose special costs or restrictions on use. Environmental Impact Studies - May impose special restrictions on use, vegetation, deforestation, or other issues. If you are building more than simply a residential home, you need to check whether an environmental impact study is necessary for your project. Building permit & certificate of occupancy history - Especially important for older homes with add-ons or conversions. Check the local building inspector's office. Soils & Geological studies - Of particular interest are soil percolation tests, especially where you have to put in your own septic system. This will also alert you to earthquake, soils, flood zones, toxic sites, and environmental reports. Home Inspection and Pest Control Reports - Highly recommended for all properties. Can reveal defective construction even of new homes. Drawings and specifications - If you are purchasing a house/apartment/office which was already built, request the blueprints for all building improvements on the property and "as-built" plans. Get and keep copies, if available. Homeowner's association documents - Covenants, conditions & restrictions ("CC&Rs"), association articles of incorporation and bylaws, cash reserve summary and financial statements. (These last two items may not be available). Home, appliance, and major systems certifications and warranties (roof, electrical, plumbing). Get and review copies. Make sure they are transferable upon sale. Reputation of builder, seller and real estate professionals involved - Talk to others, e.g. realtors, attorneys, the local city council - Ask how long they have been in the community and how they deal with problems which might come up. Are they reputable or have they been involved in scandals previously? If so, what kind of scandal? Look on the internet. Financing Documents - Take care with "creative financing," seller-financing, or adjustable rates. Seller's Transfer Disclosure Statement - Don't rely on it without verifying the information through your own investigation and inspections whenever possible. Schools and Parks - If you have children, visit the neighbourhood school and check with the district about what alternate schools may be available. Walk or drive to the nearest parks. Special Needs - Handicapped access, accessory dwelling rights (e.g. "granny flat"), public transit access, etc. For more information, you might have a look at:
**This is not intended to be a comprehensive list of all the items which you need to check. It is merely offered as a suggestion as to what you should look for.
Last modified 26-Sep-2007 17:38 -0400
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Copyright - Disclaimers - Privacy Statement Copyright © 2000 - 2007, Beth Anne Gray J. For questions or comments, please write to the webmaster Last modified 26-Sep-2007 17:37 -0400 |
