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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53967
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Regarding the question I just asked you about the

Customer Question

Regarding the question I just asked you about the engineer's report, etc, how can a buyer make a valid offer on a property if he's not given the engineer's report and foundation company report before he makes an offer. The reports may look really good
so he would pay more, or if they look like there's potentially a big risk in buying the property, he may not want to offer as much. The listing realtor said her broker said that buyers make the offer then get to look at the reports....if they don't like what
they see, then they can withdraw their offer or renegotiate. So basically, a buyer is making an offer without all of the information. That definitely does not make sense to me.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

You want to include in your contract offer an inspection period and demand that as part of that inspection that the seller deliver any and all documents in the seller's possession or control with respect to the property, including any and all reports from professionals relating to the foundation, flooding, construction, roof, HVAC, electrical and plumbing.

Expert:  Richard replied 1 year ago.
Just to follow up....The following is a due diligence checklist that I always recommend the buyer include in the buyers contractual offer to seller for a residential property, in addition to the title commitment which will disclose any easements, liens, encumbrances and/or encroachments:
DUE DILIGENCE CHECKLIST
1. Vesting Deed or Deeds by which Seller obtained fee title to any of the Real Property Interests
2. Legal Description of Real Property Interests, whether obtained by fee, leasehold, easement or license
3. Inventory of personal property, if any, to be conveyed as part of the Assets
4. Any agreements and any third party contracts relating to the Property
5. All current warranties and guaranties, if any, relating to any of the Property
6. Tax Statements (real and personal property) for last three years for the Property
7. Any and all Environmental and engineering studies or Report regarding the Property or the improvements.
8. Subsurface Geotechnical Studies or Reports
9. Copies of any title policies held by Seller relating to the Real Property
10. Survey
11. Title commitment for the Property and copies of all title exception documents referenced in the title commitment or affecting the Property, including Surface Use Agreements and unrecorded documents
12. Capital Expenditures for last three calendar years
13. Copies of any current or pending litigation, condemnation, claims, assessments or proceedings
14. Insurance Claims made over last three years or any pending or unresolved insurance claim
15. Evidence of Insurance as obtained by Seller

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