At first glance, a property or real estate appears purely as land or a building. On closer inspection, numerous legal, technical and economic factors play a role, the examination of which is of essential importance in sales and purchases .
What is partly a legal obligation in the corporate sector to exempt both seller and buyer from liability, and is therefore the order of the day in the sale of companies and real estate, should also increasingly find its way into any real estate transaction. After all, apart from company acquisitions, it is about the largest assets you buy or sell. In your own interest, the field of real estate transactions should therefore not be left to laymen or your own subjective feelings in order to avoid wrong decisions and greater damage. We are talking about due or appropriate diligence, in accordance with the relevant legal provisions in the General Civil Code and the Business Code. Accordingly, a buyer who acts properly in terms of the duty of care of a prudent businessman must examine an object of purchase at least in its basic features: If a buyer was given the opportunity to inspect but failed to do so, he must accept any adverse consequences against him if he could have recognised the defect if he had exercised due diligence. The term due diligence has long since found its way into our economic life. A distinction is made between the examination of the real estate transaction from a legal, technical and economic point of view. A real estate seller knows his property, you might think, so why check it?
Nevertheless, it also makes sense for the real estate seller to subject the transaction to a review. After all, the real estate seller does not know his property from the buyer's point of view. In order to achieve a quick and optimal conclusion of the sale, however, one must put oneself in the role of one's negotiating partner and recognise those advantages and risks that might catch the buyer's eye.
Hence my real estate tip to you:
Even as a real estate seller, especially as a commercial (entrepreneurial) real estate seller, you have diligence (due diligence) obligations. Even if you are not an entrepreneur, as a real estate buyer as well as a real estate seller you should turn to a real estate agent with a qualified team that accompanies you through the increasingly complex cross-section of real estate transactions and protects you from unpleasant surprises.
Photo: © pfluegler photo-stock.adobe.com
My name is Bernhard Großruck. I work as a real estate agent and appraiser in Innsbruck and would like to give you helpful tips about real estate in this blog.