DEVIL CAN BE IN THE DETAILS WHEN BUYING A HOME
ON THE MOVE
As we all know, Spring is a time when many people decide to look for a new home. Such is the case with Zack. He contacted us to ask a question we’ve been asked many times before; “What do I need from a legal standpoint if I am buying a home and there is no realtor involved?” And even though if one is willing to chance it, the answer could be “nothing”, our advice to Zack was much different.
Obviously, a new home represents a major investment for most. Because of this and the fact that things can go wrong, our advice to Zack was that he needed to legally protect himself. We told him he should have a comprehensive purchase agreement which clearly laid out the rights and duties of the parties. That agreement could ensure that he was getting good title to the property, that it was properly inspected and free of defects, and that Zack knew exactly what costs he was responsible for. Without an agreement, Zack would be gambling that none of these issues would come back to haunt him.
After the purchase agreement is in place, the wheels are set in motion for a closing of the sale and Zack taking possession of his new home. But jobs do remain. Zack will need to make sure that his financing is lined up. We will carefully look over the preliminary title report to make sure there are no title defects. Zack will get inspection reports which he will need to scrutinize. Assuming all goes without a hitch, Zack will then have comfort in knowing that his new home is indeed his dream home.
Note from the author: If you have questions or comments- regarding this or any Real Estate Story article or should you like more information on any real estate question, please visit www.mcgookeylaw.com, visit us on Facebook or call us at 419-502-7223.
Kathryn Eyster contributed to this article