When you have your first home under contract, it’s easy to sit back and enjoy the experience. A multitude of issues might arise between now and time of completed closing, however. It’s important to take necessary steps to make sure everything goes according to plan when buying a new home.
Get a lawyer
Most real estate contracts have attorney approval provisions that have to be exercised a short time after acceptance. Have the contract reviewed by a real estate firm and hire them. They’ll note any problems with the contract. After all, if you want the home, you want a valid and binding contract to buy it.
Get an inspection
Don’t buy a home without a professional inspection unless you have a timely and thorough understanding of home construction and repair. If significant construction or safety defects are found in an inspection, you can require repairs. Should inspection issues arise, your attorney knows how to address them. They also know how to declare the contract null and void and get your earnest money back.
Get a survey
A survey is a map of the property telling you exactly what real estate you’re buying, down to the last tenth of an inch in any direction. it shows utility or other easements, encroachments on either side of the property, and building setback lines where applicable. Don’t buy a home without a current survey.
Do a final walk through
If you walk through and the lights don’t work because there aren’t any light bulbs in the entire house, there is a problem. Even the brass switch and socket plates are gone, as are the built-in bookcases, ceiling fans, medicine cabinets and custom faucet fixtures. The stove and fridge are gone from the kitchen, and you’re just lucky that the HVAC system is intact. If this is the case, it’s time to rethink your buying strategy, if there’s one left.
Have your lawyer at closing
The seller has promised to give you title that’s free of any liens, clouds or encumbrances, but an old judgment against the seller has arisen. In a situation like this, it’s critical to have an attorney by your site to straighten out problems. Agreeing to something you don’t know much about last minute can be very costly.
Having a highly experienced real estate attorney to guide you through the buying process is your key. Every closing has their own peculiar issues. With a little preparation, you can be confident that your new purchase was worth it.
Informational credit to Doré Law Group.