How to Avoid Costly Legal Mistakes
Buying or selling a home can involve many legal issues, and even small details can turn into major problems if mishandled. It is essential to be well-informed in order to protect yourself. In this report, we identify three common legal issues that could cost you thousands of dollars.
Choosing Reputable Professionals
With so many legal issues to consider, your first step should be to choose reputable and experienced professionals to represent your interests. When selecting your real estate agent, ensure that you find someone with extensive experience. They should also refer you to a local real estate lawyer who can ensure your interests are protected.
Three Legal Issues That Could Cost You Thousands
1. Survey Clause
When buying a home, you have the right to add a survey clause to the real estate contract. However, if your survey is not up-to-date and the buyer requests an updated survey, the home seller may be required to bear the cost to have a new survey prepared, which typically costs $700 to $1,000. An experienced real estate agent should provide you with a survey, but if you or your agent are unsure, consult your lawyer before you sign the offer.
2. Home Inspection Clause
Some real estate transactions have fallen through because of the wording of the inspection clause. The clause should read that the seller has the option to fix any items that the home inspection flags, protecting both the buyer and the seller. Make sure you are working with a lawyer experienced in real estate matters to ensure your interests are protected.
3. Swimming Pool Clause
If the home you are buying or selling has a swimming pool, ensure there is a specific legal clause that addresses this costly item. Seek advice from a real estate professional and obtain legal counsel so that your interests are represented properly.
By being aware of these and other legal issues, and by seeking advice from an experienced real estate professional and obtaining legal counsel, you can protect yourself against unnecessary cost and potential hardship.