Kennelly Business Law

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Considerations for real estate purchases involving older property

Making the choice to buy a home in North Dakota is a major legal and financial decision. The implications of a real estate purchase can be long reaching, affecting a person for years to come. This is one of the primary reasons it is beneficial to be cautious and careful when taking this step, especially if it is an older property. 

Older homes can come with more risk if the buyer is not careful. The person looking to move in will need to check on various things and ensure that there are no unseen issues that could be costly to repair down the road. One of the main things to look for is the presence of lead paint. A lead test is a simple way to find out if there are toxic substances in the home that need to be removed. 

A buyer will also want to look carefully at the plumbing, especially if it is original to the home. Older plumbing and pipes can be extremely complicated and expensive to fix and replace. It is also prudent to check the roof for leaks and other issues. Many insurance companies will not cover a home that has a roof with problems.

Buying an older home is an exciting step, but it can also come with certain risks. This is a reason why many North Dakota buyers will find it beneficial to work with an experienced real estate attorney as they draft and review a sale contract. Moving cautiously through this stage can protect a person against unnecessary risk and financial loss in the future.

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