Real Help When
You Need It Most

Since 1971, our firm has been using our skills as litigators and negotiators to help people secure the best possible results to the challenges they are facing. Let us put those skills to work for you.

Avoid these 3 mistakes when buying property

On Behalf of | May 10, 2023 | Real Estate Transactions |

Purchasing a new home, whether a primary residence, a second house, or a place to retire, is exciting. Due to the extensive legalese in a real estate purchase agreement, it is essential to conduct extensive due diligence before purchasing a property. If not, you might end up paying more legal fees and waiting longer to enjoy your new home.

Lack of due diligence

Due diligence entails taking the time to investigate the home for safety hazards and legal violations. To do so, you may hire a land surveyor to conduct a property report and review the property title. Without doing this, you may discover things later on about your property that will cause you to regret your purchase.

Failing to review the fine print

Contracts are full of complex legal jargon that is not enjoyable to read, especially for those unfamiliar with the terminology. But knowing exactly what you are purchasing and agreeing to will require reading your contract line by line.

First, the purchase agreement should accurately describe the property and its condition. It should also say which appliances or fixtures come with the purchase, the possession date, how much earnest money they need to put down, and any conditions that must be met before the sale is complete.

It is also important to look at the irrevocable clause, as it provides a date and time when the buyer can no longer modify the agreement. If you change your mind after submitting an offer, you cannot withdraw it before the stated date and time.

Purchase agreements will often include several conditions. It is advisable to review them carefully to ensure they include the specifications you want, such as who pays for closing costs and financing terms.

Not consulting a lawyer

Before signing a contract, a real estate attorney can provide guidance and ensure it contains all necessary provisions. Once a real estate contract has been signed, withdrawing or making changes will be difficult and costly.

Consulting with an experienced real estate attorney before signing anything can give you peace of mind. A lawyer can assist with the due diligence process as well as drafting or reviewing your real estate agreement. With the help of a real estate lawyer, you may be able to enjoy your new home in no time.