Purchasing A New Home? 3 Contract Questions A Real Estate Attorney Can Help You With
If you're in the process of buying a new home, you may think that you're fine without legal representation. That's not necessarily the case. Most people wouldn't even consider signing a major contract without having an attorney go over the details with them. However, they don't think twice about signing a contract for a home without the assistance of an attorney. If you're in that group, you need to rethink that decision. Buying a home requires you to enter into a long-term contract, sometimes as long as 30 years. With that type of commitment required, it's crucial that you have the assistance of a real estate attorney. Here are just three of the questions that a real estate attorney can help you answer when purchasing a new home.
1. Are the Parties' Names Listed Properly?
If you're going to be buying a new home, you need to make sure that the names of all parties involved are clearly listed on the contract. If you are purchasing a home with a spouse–or another party–both of your names should be listed and spelled correctly. The same is true of the party who is selling the property. If those names aren't listed properly, there could be problems with the deed and other legal documents later on.
2. Is the Property Address Clearly Identified?
When it comes to purchasing a home, it's important that the property address is clearly identified on the contract. Many people think that the actual physical address of the property is the only identification required for a real estate contract. However, that's not the case. When signing a contract for the purchase of a home–or other property–other property identification features must be included in the contract. These features include the legal description of the property, as well as the official folio number for the property that is being transferred to new owners.
3. Are Important Contingencies Included?
If you're going to be purchasing a new home, you want to make sure that the important contingencies are included in the contract. These contingencies protect your interests should problems arise. Two of the most important contingencies are your right to withdraw from the contract should you fail to sell another home, or should you fail to secure funding for the purchase. If you don't have those contingencies included in your contract, you could be locked into purchasing a home that you can no longer afford.
If you're in the market for a new home, don't start the search until you've secured legal representation. A real estate attorney will make sure that the important questions are answered before you sign a contract to purchase your next home. To learn more, contact a law office like Blake Law Office today.