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Updated about 10 years ago on . Most recent reply

User Stats

88
Posts
36
Votes
Aaron K.
  • Fishkill, NY
36
Votes |
88
Posts

Did I do enough due diligence for my first buy-and-hold purchase?

Aaron K.
  • Fishkill, NY
Posted

I'm closing on my first rental property soon. We've agreed on a purchase price and we're about to be in contract. Financing is in order. I believe I've done appropriate due diligence, but I'd love to have the list reviewed and critiqued to make sure I'm not missing anything.

I have done:

Full property inspection
Obtained a full title report (schedule A and B) to check for leins on the property
Checked all permits and C of O's for the property with the town to ensure that all structures and past renovations are legal.
Performed a formal survey to verify boundary lines
Received reports confirming in-ground oil tanks have been removed according to code
Verified location and condition of well and septic

Do I need to:

Verify anything else with the title company? Title insurance?
Be on the lookout for any red flags with the title transfer, like the wrong type of deed?
Be worried about any non-code wiring or plumbing at this point, as it relates to fines/penalties directly after the closing?
Do an environmental inspection on the land itself to search for contaminates or...?

Thanks!
Aaron

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