The collapse of the Miami condo building earlier this year shocked everyone, except the owners. They knew the fix would cost them $15,000,000. A swimming pool had been leaking into the garage below, causing structural rebar to rust. Groundwater infiltrated as a result of construction next door as well. Delay or unwillingness to fix the issue killed 98 people. Dozens of lawsuits totaling hundreds of millions of dollars have been filed.
Is what you see what you get, upside down or right-side up? When a buyer goes under contract on a home or commercial building, the due diligence period begins. Now it is the buyer’s chance to unearth anything that needs repair or replacement. An attorney or title company will look for defects in the title, encroaching lot lines, hidden easements, etc. Most of the time it’s a material defect that needs attention, and this can only be revealed by home inspection by a knowledgeable inspector. Sometimes, even an experienced inspector can get lazy and make a mistake.
When a buyer goes under contract on a home or commercial building, the due diligence period begins. Now it is the buyer’s chance to unearth anything that needs repair or replacement. An attorney or title company will look for defects in the title, encroaching lot lines, hidden easements, etc. Most of the time it’s a material defect that needs attention, and this can only be revealed by a knowledgeable inspector. Sometimes, even an experienced inspector can get lazy and make a mistake.
Kathy Ostrander Roberts
Broker – Owner
2 Storer St., Suite 112
Kennebunkport, Maine 04043
207.205.3417
kathy@kennebunkportandshorerealty.com