Residential Real Estate:
When you are buying a house, make sure to ask questions. Inquire to zoning violations, environmental hazards, harmful conditions on the property or defects in the chain of title. Buyers should also look to determine if the neighborhood is quiet and friendly and if any development plans exist that could affect the property. The buyer should also consider the inspection report, real estate taxes and what property is actually included in the sale.
Hopefully your contract includes an inspection contingency clause which outlines what will happen if the inspection reveals problems with the property. What occurs after the inspection depends on this part of the contract. Depending on the contract, the buyer can break the deal without losing their deposit; the seller will fix the problems; or the seller will offer a discount to the buyer.