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What Are Some Legal Issues to Involved in Buying a Home?
Buying a home is a major life decision that requires much planning and foresight. You should consider the various laws and regulations in your area before buying a home, as these may affect your rights as a buyer.
For instance, some jurisdictions have specific laws regarding the following:
- Disclosing defects: In many cases, home sales follow a “buyer beware” policy. This means that it’s up to the buyer to inspect the home for defects. However, some jurisdictions may have slightly different rules regarding the seller’s obligation to disclose defects.
- Hidden costs: On a similar note, buying a home can sometimes involve additional or hidden costs, such as taxes or other issues. It may be necessary to hire an appraiser or a legal professional to determine hidden costs.
- Purchase contracts: In any home sale, a written contract is needed to finalize the transaction. The scope and extent of the contract can be very broad and may end up being quite complex
- Title disputes: In order to avoid fraud, you should be sure that the party selling you is actually the true owner and title holder of the home. This can be done by performing a title search at the local county recorder’s office.
There may be other issues to consider when buying a home. For instance, mortgage agreements can be a major point of contention, legally speaking. In most cases, buying a home involves multiple contracts.
What Are Some Important Tips When Buying a Home?
Again, buying a home is a decision that should not be rushed into. In nearly all cases, it also involves obtaining a loan to finance the purchase of the home. In order to avoid losses on your end, and potential lawsuits in the future, you should consider the following:
- Be selective when selecting a mortgage plan. You don’t want to end up borrowing more than you can pay in the future, especially for plans where the interest increases later on.
- Do a title search: This can help reveal if there are any issues with the current seller, or if there are any undisclosed issues from previous owners
- Hire an appraiser: Working with an appraiser can help you obtain a fair and accurate estimate of the home’s worth.
- Consult with a lawyer: This will help protect you during negotiations, and whenever you need to sign any type of contract or legal document
- Stay informed: Local and county property laws can sometimes be subject to change. If you’re unsure about any rules, you may wish to double check to see if you may be affected.
Again, if you’re unsure about any aspects about the home sale, be sure to consult with a professional before you proceed.
Do I Need a Lawyer for Help When Buying a Home?
Buying a home can be challenging, even for second or third-time buyers. You may wish to hire a qualified real estate lawyer in your area for help when buying a home. Your attorney can help you review all the relevant documents being used in the sale. Also, you may need a lawyer in the event that you need to file a lawsuit for any breaches of contract.
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Last Modified: 03-14-2014 10:29 AM PDT
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