Why should property buyers be cautious regarding outstanding contracts for electric installation?

Being cautious about outstanding contracts for electric installation is crucial because property buyers could unknowingly assume existing financial obligations tied to those contracts. These contracts may include payment agreements for services or installation completed prior to the buyer's acquisition of the property. If the buyer does not conduct thorough due diligence, they could find themselves responsible for payments on installations or services that they did not initiate or agree to.

Understanding the implications of outstanding contracts is essential for protecting a buyer's financial interests. Buyers should ensure that all outstanding contracts are resolved or transferred appropriately before finalizing their purchase, so they are not burdened with unexpected expenses. This vigilance helps in maintaining clear accountability and financial planning related to property ownership.