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Real Estate

6 Frequently Asked Questions About Purchasing A Home

1.) Do I need an attorney to buy a home?

Yes. You need someone to protect your interests. Buying a home can be complicated and you want to make sure a knowledgeable attorney looks over the contract before you sign it.

2.) If I enter a contract to buy a house, can I cancel the deal if I find out the home has major defects?

Most contracts to buy a home have “contingency” clauses and a good attorney will make sure your contract has them. These list events that let the buyer out of the deal. Be sure your contract has an “inspection clause.” This will give you the right to cancel the deal if a professional inspector finds serious defects with the property and the seller will not fix them.

3.) Why do I need a home inspection?

This could be the biggest investment of your life. You need to protect it. You don’t want any surprises or unexpected costs after you buy the home. Home inspections identify problems, some which you can ask the seller to fix before you buy the home.

4.) Can I be sued if I cannot get a loan and am unable to complete the deal?

Make sure your contract has a “financing” clause. This will let you out of the deal if you cannot get a loan. This will help reduce the risk of a lawsuit if you have to back out of the deal due to a lack of funds.

5.) I need to sell my current home before I complete the purchase of my new home. Is this something I can put in the contract?

A good attorney will make sure you have a “sale of other home” clause put into the sales contract. This will let you cancel the deal if you cannot sell your existing home.

6.) What is a “closing?”

A closing is when both parties get together and sign documents to finalize the sale. The interests of both the buyer and the seller are protected by their respective attorneys during this process as the title passes from the seller to the buyer.