Buying a home become a cumbersome event. There is much to learn and many steps that need to be taken in the home buying process. A first time home buyer may be overwhelmed by the buying process and concerned with what their options are and how there are protected. An experienced home buyer may have better knowledge of what to expect and what their options are. It is highly recommended either party to work with a professional Realtor that can offer assistance and guide you through any pitfall that may be ahead. In most cases a home buyer will pay nothing to the Realtor for their assistance. Realtors are almost always compensated by the seller selling the property.
Legal Mistakes Home Buyers Should Never Make
- Not realizing that if you don’t write a strong offer to purchase a home, the seller may reject or not respond to your offer
- Not realizing that if you don’t write a strong offer to purchase, you may lose the property to another more highly motivated buyer.
- Not realizing that, without a confidentiality agreement, a seller need not treat your offer as confidential.
- Not understanding when a contract becomes legally binding.
- Entering into an agreement before checking title records, liens, and other things to ascertain whether the seller will be able to close escrow as scheduled.
- Not understanding the legal implications of loan and inspection contingencies, and other contractual provisions.
- Not obtaining a seller’s disclosures.
- Not conducting your own inspections and investigations as the buyer.
- Not fully considering the legal, tax, credit and other ramifications of homeownership, especially co-ownership.
- Not properly handling a claim for property defeats discovered after the close of escrow.
If you are thinking of buying a home, first consult with a professional Realtor that can assist and guide you through the home buying process. Call us and our team can answer any of your questions. (714) 989-6040.
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