For single family homes, there are two issues. First is the real property report. This is the map of the property showing where the buildings are, as well, as fences and cement pads, so any permanent structures. What you need to look out for is to make sure that this map or the real property report is exactly as the property is. This is a document that needs to be approved by the municipality in order to complete the sale.
Another issue to buying a single family home is the restrictions on the property. This can be found on the title of the property and can impose limits on what changes you can make to the property. One of the most popular is with the fence, there are limits on the height, the type and sometimes having a fence in the front yard.
When you purchase a condo you will receive a set of condo documents passed on from the seller. The condo document review company will organize them and put them in a binder for you to store along with the purchase documents from your lawyer and real estate agent. Years down the road when you want to sell, most likely, your condo documents to be passed onto the next owner, will be out of date. To provide a complete set of condo documents you’ll need to contact the management company for copies that are missing.
Now here’s the money grabber – depending on what you need to complete the set, it will cost you anywhere from a few dollars to a few hundred dollars. Yes, extremely inflated prices to have someone use the copying machine, and even more frustrating when the files are all sent digitally.