Potential Pitfalls Continued
Mechanics Liens
In regards to purchasing a property, a buyer needs to pay particular attention to the issue of mechanics liens. If a contractor does any work on a piece of real property and isn’t paid they can file a mechanics lien against the property to ensure that they eventually are. Generally, it is required that the individual provide advance notice that they are going to file the lien, and must then take action to enforce the lien within strict timelines if they arenÂ’’t paid so a record usually exists. However, a potential buyer needs to be aware that a mechanicÂ’s lien could be used to foreclose on that property.
Zoning & Land Use
Zoning is always a major concern that must be thoroughly investigated. Surprisingly, it is all too common for a buyer to “assume” that a property has been properly zone for what they intend to use it for, but are often shocked to find that indeed it hasn’t been. Issues can also arise later on if governmental agencies or neighbors try to change the zoning on your property to limit your use of it so really do your homework here.