Things To Know
Don’t rush to the closing table. Whether you are buying, selling or refinancing, have an experienced real estate lawyer review your closing documents before you sign. I have represented thousands of clients since 1986. With my years of experience and an extensive professional network, I can help protect you from unnecessary and overlooked risks.
I am dedicated to providing you with affordable counseling and quality service that will make your real estate transaction close as smoothly as possible, most often for a flat fee. Consulting the Law Offices of Lee H. Morof will provide you with answers to many of your questions throughout the buying or selling process and give you peace of mind.
FOUR THINGS EVERY BUYER SHOULD KNOW
- Professional home inspection is an Always! As a potential buyer, you could encounter issues of electrical, roofing, plumbing, radon mitigation, water damage and foundation issues, to name a few.
- New construction requires a mortgage contingency, that means you’ll get your earnest deposit back if you are not approved by your lender.
- Your purchase agreement should be contingent upon the home appraising, at a value equal to or greater than the purchase price.
- Try to negotiate for your seller to provide a one year home warranty, to protect you against major problems after you move in. If your seller won’t provide one, pay for it yourself. You won’t regret it.
THREE THINGS EVERY SELLER SHOULD KNOW
- Before the placing your home on the market, look at sales of comparable homes sold in the last 90 days and price your house consistent with those comparable sales. Be sure these are local homes in you area, and be sure they are close to the same design and specification as your home.
- Be careful when selling your home using a land contract, because you may violate the “due on sale provision” in your mortgage agreement which could put you in default of your mortgage loan terms. If the buyer needs to buy on land contract, it could signal that he or she has credit problems, which could add up to expensive legal fees and time-consuming court dates.
- Selling by owner (FSBO) is difficult and most likely will not save you any money. It can cost you additional money, sometimes thousands of dollars, and possibly expose you to unnecessary risk. A real estate transaction follows specific legal requirements and documents to be filed with the authorities, in order to sell / purchase any property. If you try to go it alone, you need to follow these rules.
- Never show your home alone for safety reasons. Avoid holding open houses that could leave your doors open to potential burglars and thieves that pray upon open houses for sale by owners.