The decision to buy a home can be one of the biggest financial decisions you will ever make. Unfortunately, the wrong step or two in your purchase can have serious reactions to your home and your investment. This discussion contains several legal considerations that should be kept in mind before signing the contract.
How should you take over the title of the property?
This choice can be very simple when you are single – buy it and specify yourself as the sole owner. The property is yours, and you can sell it freely, if you like, or do with it whatever you want. However, if you are married or are buying a property with a friend or investor, it is necessary to indicate the property differently, and different titles may be more favorable for different marital and financial relationships.
Representatives of the sellers
Most states require the seller to disclose “material” facts that may affect your decision to buy property. What is “material” can vary from state to state, but typical items for detection and warranty are that there are no termites or damage, power, and issues related to devices, roofs and sewer systems. If the seller misrepresents the extent of the known problem or does not disclose something they know, you may have reasons for prosecuting a seller against any false declaration you have made.
What about title insurance?
The second issue to consider is title insurance. When buying a house, you may buy more (and perhaps less) the home and the land you see. Your property is probably hampered. In other words, third parties may have the right to your country, which in some cases is superior to yours and limits your ability to use your land in certain modalities. You can protect yourself from these surprises by getting a policy of securing ownership with an appropriate policy check. So beware of what is stated in a specific object and what is in the signing contract.