When it comes to buying a home, there are a lot of things you must consider that you may never even have thought of. First off, your home will likely be the most expensive thing you purchase in your lifetime so you want to get it right.
You should:
- Get a great agent
- Find a good lawyer
- Look for a reliable home inspector
Finding a knowledgeable real estate agent who knows the inside scoop on what to look for is your first step in the process of buying a home. Then find a good lawyer with expertise in real estate law who will help you close the deal and ensure all the details are covered when you sign the final papers.
When you’re at that point of buying a home, bring your lawyer into the picture as soon as possible so they can start working to protect your interests. This includes ensuring your purchase contract contains all the necessary legal language to protect you if things don’t turn out as originally planned. For example, what if you find out there are serious problems with a dwelling’s foundation that were not made evident when you entered a contract? Your lawyer can insert certain conditions or escape clauses based on valid legal reasons.
If you are buying an older or pre-existing home, one of the safest bets you can make is by having a qualified home inspector do an appraisal on the property. A home inspector will provide you with a detailed appraisal, which may give you reason to back out of a contract when buying a home if they discover something that has not been disclosed by the current owner.
A title search is something that will be required by a lender if you are borrowing to finance a home. But if you are buying a home through a private sale, never assume that just because a person is living in the home that they are the sole owner of the property. You never know what other people or institutions have a stake in the property. The last thing you need is to find out that someone else holds a lien against the home....
To continue reading this article click Buying a home – Considering The Legal Issues
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