First Time Home Buyer Legal Issues
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What Is a First-Time Home Buyer?
A first-time home buyer is a person who is purchasing a house or other residence for the very first time in their life. This type of situation is unique because the person has no prior experience in home purchase laws or guidelines.
Oftentimes, first-time home buyers can be younger persons who have finally saved up enough funds to the point where they consider purchasing a home. In many cases, the first-time buyer is actually one half of a married couple that is purchasing a home together. In such instances, the buyer really needs to be aware of the circumstances so as to avoid fraud, bad deals, or hasty investments.
What Are Some Legal Issues for First-Time Home Buyers to Consider?
There are all sorts of legal issues for first-time home buyers to consider. Most new buyers focus on the most obvious parts of a home sales transaction, such as pricing, the value of the home, etc. However, they should also consider other aspects of the transaction, since they are all important. These can include:
- Hidden costs associated with purchasing a new home (as opposed to an older home)
- Defects with the home
- Contract issues between buyer and seller
- Mortgage disputes and mortgage fraud
- Title defects
- Joint ownership of the home (esp. for married couples)
- Valuation and appraisal of the home
Many other legal issues can arise as well. For instance, there may be issues with zoning laws if the party wishes to purchase additions or make alterations to the home. When purchasing a home for the first time, it’s often advisable to seek professional assistance from an agent from a legal professional.
How Are Home Purchase Legal Issues Resolved?
Some home purchase issues can be resolved through additional efforts such as hiring an appraiser to determine the value of the home. Other legal issues may require legal action to resolve. For instance, if there is a defect with the title, the seller and the buyer may need to file a legal proceeding to have the defect or dispute resolved. This all depends on the specific issue at hand. Some cases may involve a damages award, while others might involve different remedies.
Do I Need a Lawyer for Assistance with Real Estate Issues?
Real estate laws can often be difficult to deal with. You may want to hire a real estate attorney if you need help with any real estate matters. Your attorney can provide you with helpful legal advice and can help research laws that might apply to your case. Also, if you need to file a legal action, your attorney can represent you in court if needed.
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Last Modified: 03-12-2014 04:58 PM PDT
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