Oklahoma Divorce | Why are home inspections important? What is house due diligence?
In a normal home buying process, the buyers of a home order a home inspection. This home inspection is performed by a licensed home inspector, and this is how a prudent home buyer goes about making sure the purchase of the home is a good idea.
Every house will have its problems, but it is essential to identify the problems before closing or you may end up making a very costly mistake.
Home Inspections Are Also Necessary in Divorce Situations
When people live in a house for many years, they can become complacent about the maintenance of their home. Most people have a list of things that ‘need to be repaired’ but for various reasons the repairs get placed on the back burner.
These needed repairs are one of the many things that can reduce the equity in a house, and if the house is to be sold it’s the equity that is to be divided by most divorcing spouses.
Why House Due Diligence Is Important
Having a home inspection is one of the many House Due Diligence items that should be addressed during the divorce, but there are many others such as:
A title search: The title search shows the true ownership of the property. Whose name is the house titled to?
A lien search: A lien search can show you how many mortgages, home equity lines of credit, mechanics liens or tax liens are on the house.
HOA search: A check with the HOA can show potential HOA special assessments or unpaid assessments that must be paid prior to the house changing hands.
A title company can help you with these searches for a fee.
A credit check can expose loans that you may not know existed or credit cards that have exorbitant balances.
We can refer you to a title company to assist you.
Metro First Realty Group
1624 Greenbriar Pl, Suite 600
Oklahoma City, OK 73159
OK Brokerage #173536
Donna Burkhart #179803
Peter Hudson #205850