Buyer beware before handing over that down payment

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Buyer beware before handing over that down payment
Lawyer says people getting burned right after moving in
Jesse Johnston May 10, 2011 16:38:39 PM
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VANCOUVER (NEWS1130) - Take some simple steps before buying a home, says a lawyer who's heard plenty of horror stories from new homeowners.

http://www.harpergrey.com/articles-175.html
Wes McMillan with the firm Harper Grey believes the problem is often in the paperwork. Sellers have to disclose problems they're aware of and turn those details over to prospective buyers. But he warns just because they're not aware of a problem doesn't mean there is no problem, and the buyer can be stuck with a big repair bill.

"It's incredible how little effort goes into the buying process. Buyers get swept up in the excitement in buying a property. More caution should be used in selecting property," he advises.

McMillan is telling people to get a home inspection before buying, and to get insurance to cover for defects found in the property.

And learn all you can about the neighbourhood. There may underlying aspects about the area, like buried oil storage tanks, that are not readily apparent.

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