Buyer’s Due Diligence
Buyer’s Due Diligence is an inspection period where the buyer of an acreage sale is able to hire a home inspector to take a complete look at the piece of affordable land. Home inspectors are responsible for informing the buyer of any issues he or she finds with the acreage sale that have not already been disclosed by the seller. This gives buyers the opportunity to renegotiate the terms of the contract, such as lowering the price or requiring the seller to make a repair prior to closing.
When buying property, contracts typically include a few items that the seller must have in proper working order. These include things, such as heating and cooling, plumbing, mechanical and electrical systems. If a home inspector finds a problem with anything in the contract, the seller is required by law to make these repairs. When selling property, it is easiest if you make these repairs prior to listing, so the buyer doesn’t lose interest during the more lengthy closing process of the acreage sale.
For other issues, such as cosmetics, roofing or a large list of other possible problems, the seller can be asked to make repairs, however, there is no law that requires them to do so. The seller can choose to agree and make all or some of the repairs or may refuse to repair anything. From this point, the buyer can decide whether or not to go through with the acreage sale or move on and look for affordable land elsewhere. Once the buyer and the seller have come to an agreement on the repairs to be made or not made, the inspection process for the affordable land comes to an end. This means both the buyer and the seller are bound by the contract of the acreage sale.
Keep in mind that not all contracts include an inspection period, but may be something that you as a buyer must ask for when buying property. Home inspections can be expensive with typical prices ranging between $300 and $400, but when looked at in the bigger picture, this amount is insignificant. As a buyer, you want to make sure that everything is in proper working order, so you don’t have to spend a larger amount of money fixing an issue, such as the plumbing system, that you were unaware of. The best way to do this is by practicing buyer’s due diligence on the acreage sale.
If you are interested in affordable land, head over to AllAcres.com to view an extensive list of acreage sales in your area. While there are many great acreage sales, it is always best to play it safe and negotiate an inspection period. Our site along with buyer’s due diligence has been successful in helping hundreds of happy customers with affordable land sales across the country. For more information on buyer’s due diligence and affordable land in your area, please call AllAcres today at 855-227-3741 or contact us online.