When it comes to buying a home "things have changed"
When it comes to buying a home, the amount of paperwork involved has grown just ask my father. Things have changed from the sixties “if you were like my father and purchased a home in the sixties, you too would have only had to sign your signature to one page.
Just to see how the paper work has changed, let’s compare my father’s purchase in 1965 and see how it matches-up to today’s home purchase. My father still to this day talks about to this day how different buying a home was back and is amazed at the stack of paperwork involved today versus back then.
Just to give you an idea I have laid out a comparison of “then” & “now” describing what it used to take to buy a home versus what it takes when you encounter a purchasing a home today.
Real Estate Purchase Contract Comparison: My father’s home-purchase back in 1965 was only 1 page. Believe it or not, the purchase contract was only one full page that covered all the material issues related to buying the property, and might I add there were no other reports, documents, or disclosures related to the purchase transaction. REALTOR®
Purchase Contract Comparison: Then (1) Today (10 pages) The purchase contract today might not seem like a lot of pages at 10 pages, but when you add all the other reports that are included in the purchase contract, there are roughly (200 pages) of purchase addendum, purchase disclosure reports, third-party property disclosure information, receipts for reports and notices, etc. Mortgage Loan Comparison: Then (4 pages) Today (over 100 pages) Title Insurance Comparison: Then (5 pages) Today (over 15 pages)
Important to note: “Depending on which state you buy a home in this number of pages can varies widely on the type of property and the intricacy of the related to the property. I staunchly recommend buyers and sellers review all the paper work related to the real estate transaction— I have seen some agents allow their clients to sign whatever is presented to them without full comprehension. There’s no doubt that reading and understanding the purchase contract takes extensive time, energy and effort, but buying a home is such a significant purchase. Buying a home today is a tremendous deal and that’s why a 1 page purchase contract no longer exists. Whether you are buying a home, or whether you are selling a home (do it right) “use a local REALTOR® to make sure all the “t’s” are crossed and the “i’s” are dotted.When it comes to buying a home “things have changed”
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