Purchasing a new home can be a long, complex experience. It starts by determining your budget, what type of neighborhood you want to live in, and the features that matter most to you in home. Most people will look at a lot of listings before they find the perfect match and make an offer. Once the agreement to buy has been made, there is financing to take care of and for those who are buying a condominium, there are contracts to be signed.
Once the complex process is over and you are the owner of a new home, that is when you have the greatest potential to run into legal issues based on the documents you have already signedwithout the guidance of a real estate attorney. Attorney Frank Savona recommends always getting the advice of someone like him who has reviewed thousands of real estate agreements to avoid the baggage that new homes often come with.
Titling the home and getting title insurance are some other things to consider. Sometimes there are third parties that have rights to the land that could interfere with your ability to use the land as you have in mind. A real estate attorney can help you with the purchase of title insurance and the appropriate endorsements to ensure that you don’t have to worry about adding a fence or out-building over the property line or finding you aren’t able to put in that swimming pool you always dreamed of.
Rent to Own
Sometimes renters are given the option to rent their home with their rent payments going towards the purchase if they decide to buy. Believing that the rent they have paid will reduce the final price they pay for ownership will depend on the sales agreement. If the renter pays rent for some time and the seller backs out on the agreement, the money may be lost. Having a real estate attorney either prepare the agreement or to review an existing agreement could result in the renter losing the money they had believed would go for a down payment.
Commercial Transactions
It should go without saying that making a commercial property purchase is just as significant as buying a home, if not more so. Purchasing the right property for your business use will impact the success of your business. The last thing you want when you are starting a new business is to have problems with the property or the conditions that may be imposed on ownership that you weren’t aware of when you purchased it.
A real estate attorney who has dealt with the known issues of commercial property purchases knows what to look for and can help you avoid making the wrong decision about which property will be best for your needs. They can also help you deal with issues when they arise after a purchase is made.
Title issues are also common to commercial purchases just as they are with homes. A real estate attorney can do a proper title review and analysis to find any hidden problems. There may be liens, improper or missing paperwork or documentation, or other areas that could be overlooked during the initial buying process.
An experienced real estate attorney knows what to look for and where problem areas exist. Make sure you have all of your documents reviewed and follow their advice for a better home buying experience.
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