A Third Of Real Estate Investors Are Unprepared For Buying Process

A survey carried out by the Real estate Council of Ontario (RECO) suggested that most first-time investors in real estate had little or no idea what they were getting into; in fact, 32% of first-time investors admit to this.  It is important that investors have basic knowledge about the home buying process.  Other findings from the survey include:

• 26% of investors wished they had more information at their disposal about the buying process.
• 21% wished they had considered other properties.
• 14% wished they had a better understanding of the contracts involved.
• 43% said there were sections of the real estate contract that they did not comprehend when they purchased or sold a house.
• 36% of investors mistakenly think that after a real estate contract is signed, a trial period exists during which they can cancel it while an additional 33% had no idea whether this is the case or not.
• 55% inaccurately believe that you can get your deposit back if you place a conditional offer on a house and the deal falls through.

As an investor, before appending your signature on any binding contract, it is quite essential for you to read and understand every detail in the contract.  Ask for legal counsel when in doubt about certain provisions and clauses made in the contract.