The aftermath of the “Great Recession” has left the North Carolina countryside strewn with half-finished single-family home subdivisions, condominium and townhouse communities, and commercial developments that are striving to emerge from the legal and financial problems left behind by often well-meaning developers who simply ran out of capital. In the waning days of several projects, developers took hasty and ill-advised steps to rush communities to market before the last of the buyers disappeared.
There are bargains to be found in the re-awakening real estate market for residential and commercial property, but these buying opportunities require you to closely examine not only the condition of the lot or structure, but also the fundamental structure and condition of the planned community in which it is located.
Most real estate purchase contracts provide for a period of time after the signing of the contract and before the closing of the purchase for you, as the buyer, to conduct inspections. Common areas for inspection include the physical condition of the improvements; title to the land; buildings and utility systems on the land; as well as any other matters into which you wish to inquire, including those that are of a unique nature because of your intended use of the land.
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