A home purchase is a significant investment, perhaps, one of the most important investment decisions you can ever make. As such, it is imperative that you get everything right from the onset.
A home purchase comes with several legal considerations. Overlooking these considerations can cost you thousands of dollars during, and possibly after, the purchase. Here are legal pitfalls you need to steer clear of while purchasing a home.
Failure to secure a home inspection
It is easy to be tempted to believe the home you are interested in purchasing is in great shape. However, you need to understand that home inspection is a prudent idea as this can save you money in the long run. Inspecting the home before purchase can uncover problems with the property that the seller may have otherwise withheld. In return, this will give you the legal ground to opt-out of, or suspend, the purchase process until those issues are addressed without incurring any penalties.
Failure to read and understand the sales contract
Once you have identified the ideal home, you will be required to go through and sign a variety of papers. It may be tempting to assume the seller has your interest at heart and sign those papers without reading through them. However, it is important that you carefully read and understand the sales contract before signing it. While reading these documents, be sure to note areas you do not understand so you can seek clarification.
Ensure the seller lives up to their responsibilities
While you will be doing everything you should to ensure that your home purchase process goes on smoothly, it is equally important that the seller lives up to their end of the bargain. This will ensure that there are no delays in closing and there are no steps skipped in the process.
A home purchase can be an exciting new chapter. Whether you are a first-time buyer or not, it is important that you avoid mistakes that can hurt your home purchase process.