A common real estate term you’ll hear when you’re buying or selling a condo in DTLA is “due diligence.” But what is due diligence, and what does it include?
What’s Your Due Diligence in Real Estate?
Due diligence just means doing your homework. In real estate, it means that you and your Realtor have explored all your options and made choices based on the facts you have.
Really, it’s making sure you’re getting what you pay for.
What Counts as Due Diligence?
Several things are considered due diligence in real estate, including:
- Getting a home inspection
- Doing a title search
- Reviewing condo rules and regulations
Getting a Home Inspection
Smart buyers have a home inspection done – there’s no question about it. You need to know exactly what you’re buying (and if the property has any issues) before you spend such a large amount of money.
Doing a Title Search
You’ll have to have the home’s title searched and cleared before you buy the condo or loft. During a title search, you could uncover issues like a missing heir who’s entitled to the property or liens that have been placed against the property – and you want to make sure that nothing will challenge your ownership down the road.
Reviewing Condo Rules and Regulations
Every condo building has its own covenants, conditions and restrictions, or CC&Rs. It’s your job to read through them and make sure you can live with them before you buy in that building.
Are You Buying a Loft or Condo for Sale in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
- Fashion District lofts for sale
- Financial District lofts for sale