1) If you get financing, an appraisal has to come in at the contracted purchase price.
2) Make sure you understand whether your loan is recourse or non-recourse and the implications of each type.
3) Always ask for the vesting deed to the seller so you know what legal rights the seller has and should be conveyed to you.
4) Always use a title company and understand the exceptions to coverage.
5) Make sure you understand the remedies under a purchase agreement e.g. whether specific performance is available and whether there are liquidated damages.
1) The seller must disclose if the sale is a short sale, and there should be short sale addendum to the purchase agreement.
2) Realize that your…