One of the biggest concerns a potential home buyer faces is whether they are really getting the quality of home that they see listed on the documents. In most states, the seller is legally required to disclose facts that might influence your decision to buy. Leaky roofs, a faulty sewage system, or structural damage are examples of facts that should be disclosed before the sale is made. However, there may be issues that the current owner is not aware of. Staten Island attorney Frank Savona recommends paying for a property inspection by a private entity before you take the agreement at face value.
The Title
If you are going to be the sole owner of the home, deciding on how to title it will be simple. You will put your own name as the owner and will have every legal right to it in the future. If you make the purchase with a spouse or with a co-investor, there are different options for titling the home according to your specific situation. A real estate attorney can help you with the choice in how the new house should be titled to prevent conflicts in the future when you may want to sell it or pass it on to a beneficiary.
Buying a Condo
Some people like the idea of living in a condominium because there is less maintenance than with a house. Buying a condo is quite different than buying a home. You will be expected to pay fees to the homeowners association for the maintenance that you are trying to avoid. These fees go towards grooming the lawn, keeping the driveways and sidewalks paved, and taking care of the pool.
In addition to the fees, there are also rules that each condo owner must abide by. You should not only read the bylaws before making an agreement to buy; you should also have them read by an experienced real estate attorney who can explain exactly what they mean. They are typically written in a complex legal language that can’t be interpreted by the average person. The result of failing to understand what is expected of you as a condo owner could be penalties, legal fees for the condo association, and court costs.
The insurance on the exterior of the condo is usually provided by the condo association. Insuring the interior is up to you. Again, having the property inspected prior to purchase to ensure it is in good condition is a good idea. Any time that you can prevent getting into a conflict of contract, you will save yourself a lot of headaches and money.
Finding the Right Real Estate Attorney
Experience is key to getting a real estate attorney who will provide you with any type of real estate services you need to make a better transaction that won’t cause problems years down the road. Since laws differ among the states, be sure the attorney you choose has plenty of experience in the state where you will be making the property purchase. No matter what the value of the property, a smooth transaction without any hidden details is worth the investment of a quality real estate attorney.