Purchasing a home can be a stressful experience, whether you’ve been through the process before or not. However, you may not realize the many different legal issues you might want to keep in mind when you get ready to purchase a home. There are a lot of potential scenarios and problems you may encounter during the process of buying your home, so it pays to know a little bit about the possibilities before you ever make your first offer.
Required Home Inspections
Understand that you are required by law to have a home inspection performed before you can purchase a home. Your seller should understand this as well, but always pay close attention to ensure that this crucial and legal step in the buying process is getting taken care of. Depending on the type of contract and mortgage you’re working with, you may be able to add a clause that states you can withdraw your offer if the home inspection turns up anything too significant, such as foundation or roof damage.
Backing Out on a Rent to Own
Unfortunately, buying a rent to own home is challenging from a legal perspective. The contract must be drawn up in a specific way to ensure that your seller cannot back out from this agreement. Otherwise, you may find yourself renting for years only to find that the seller decides to sell to someone else in the end.
Paying Property Taxes
Property taxes are a part of buying a home that many first-time homebuyers don’t know about or forget about altogether. You should always be prepared to pay your property tax bill when it’s due. If you don’t, you’ll run the risk of having your home repossessed, so make sure you have plenty of extra funds set aside to take care of this crucial payment before you ever purchase your home in the first place.
Problems After Moving In
Moving into your new home and finding that it’s not everything you thought it was can be disheartening. If the problems that arise specifically have something to do with the contract, you may be able to pursue legal action to get the previous owner to help pay for the repairs, as this could fall into the category of false advertising of the home. However, in most situations, you’ll be responsible for paying for these repairs. If the included refrigerator that came with your home goes out the next day, for example, this is the responsibility of the buyer and not the seller. It is always recommended that yo obtain a home warranty policy, at least for the first year of residence.
Key to a successful transaction and positive home buying experience is choosing an experienced, diligent realtor who will look out for your best interest. We are local area experts, contact us if you are considering purchasing a home.