As a homebuyer, you want to ensure every property purchase you make is the right one. Whether it’s your first home or your third, each time is one that you need to consider carefully before venturing into.
With that being said, these legal mistakes are something to be aware of so that you don’t fall into an inevitable trap.
Why the fine print matters more than the floor plan
The fine print of real estate contracts is something you want to be incredibly particular about when it comes to reviewing them. While there’s a lot of fine print and often many pages to read, it’s good to make sure you’re aware of everything that you’re signing.
The fine print of contracts is a much better use of your time than looking over floor plans again and again. Ignoring the fine print this can often lead to significant financial problems, and that is something you don’t want to find yourself in.
Common contract surprises every buyer should avoid
There are usually common contract surprises that pop up, and you must be aware of these so that you can try and avoid them as best as possible.
Hidden costs and fees
There are hidden costs and fees that often appear in the form of unexpected expenses. These can include significant service charges, ground rent, and maintenance fees. You must be speaking to your agent and checking with the sellers in regards to any expected fees that might be a part of the sale that are ongoing.
Red flags with property surveys
Property surveys are a must whenever you’re buying property. Whether it’s a new build or an older property, checking the property through surveys will help you determine what lies beneath the visual appearance of the home.
Too many red flags on property surveys will likely be something you need to avoid. Otherwise, you may be buying a property that becomes a headache to deal with.
Vague or ambiguous terms
Any contract language that’s open to multiple interpretations can be considered as being too vague for such contracts, and as such, that could often be a warning sign.
It’s therefore important that you have a real estate attorney in place who can take a look at any contracts you’ve received to check them for legitimacy and to make sure you’re not being drawn into something you don’t have the full details of.
Restrictions on use or alterations
It’s good to be aware of any restrictions when it comes to leasehold properties that restrict the owner’s ability to use the property in a certain manner, like letting it out, for instance. Checking your contracts again is important to spot any restrictions that you might wish to challenge or turn down the property as a result of it not being for you.
How to protect yourself before you sign
Protecting yourself before you sign for any property is crucial. That’s why you should have a legal aid on your side so that you can get support and guidance when it comes to processing the purchase of a property.
