3 Problems That Could Derail Buying A Home
Ideally, after signing the purchase contract for a home, everything will fall in place so that the sale can complete on closing date. However, this does not always happen. Any number of issues can occur that can derail the purchase of the home. To keep your purchase on track, here are some possible issues that can arise and what you can do to avoid them.
The Title Is Not Clear
During the home buying process, the title for the home will be checked for issues that could impact your ability to buy a home. Issues that could occur include the seller not actually having the right to sell the home or liens being on the property. Without proper due diligence, the problems could stay hidden until days before the closing.
To avoid this, your real estate lawyer can research the title to ensure that there are no issues that could impact the sale. If there are problems, such as a lien on the home, your lawyer can take steps to resolve them. If there is a lien, the lawyer could ensure that the seller takes care of the lien before closing day.
There Is Stress Involved in Buying a Home
Buying a home is a complicated process that can lead to stress for many buyers. In addition to completing and reviewing all of the documentation that comes with purchasing a home, buyers also have to worry about the financial ramifications.
To avoid some of the stress related to buying a home, rely on your real estate lawyer. He or she can review the documentation and ensure that it is in order. If there are problems that could delay the closing, the lawyer can handle those ahead of time.
The Inspection Revealed Major Problems
Major problems, such as a need for a new roof, can cause you to want to back out of the purchase of a home. However, if you do back out, you will have to restart the process of searching for a home to buy. To avoid this, you and your lawyer can attempt to renegotiate the terms of your purchase contract with the seller.
For instance, your lawyer could renegotiate the purchase price to account for the repairs that need to be made to the home. He or she could even negotiate a fair split on the cost of the repairs.
If there are other issues that could potentially impact whether or not the purchase of a home occurs, contact local professionals like Zane Law.