The house market can be intimidating, to say the least. Whether a first time buyer or a veteran home seller, there are a number of factors to consider before buying and selling a home — in some cases real estate law firms may be needed to ensure that the rights of home buyers and sellers are protected.
First time home buyers will benefit from familiarizing themselves with mortgage loans. Generally speaking, home buyers ought to have a decently established credit score to avoid high-risk, high-interest loans. As a rule of thumb, prospective home buyers that are able to produce a sizable down payment on a home may be able to counteract what would normally be a high-interest loan. The most frequent mistake new home buyers make is over-estimating what is in their budget; if you can just barely afford a home, chances are you shouldn’t. Keep in mind that one out of every 96 homes in 2013 filed for foreclosure. Home sellers too need to be wary, as poorly maintained homes could prove to be a legal liability on their behalf. The National Association of Realtors claims that 77% of home buyers have an inspection done prior to completing a home purchase so as to avoid surprises that can cost them in the future.
Different Kinds of Homes
Not all homes are created equal. A standard house differs significantly from a condo or a townhouse. A condominium is unique insofar as the homeowner that purchases the home technically owns the interior of the building; the exterior is actually owned by a homeowners association. In contrast, a townhouse is owned by the homeowner entirely, but there are some common areas in the neighborhood that are owned by a homeowners association. Homeowners associations are liable for maintaining the landscape of either the condo or the shared common spaces in the case of a townhouse. Since a homeowners association is responsible for marketing, managing, and selling condos and townhouses in a residential subdivision, they are obligated to providing home buyers with some of the safest residential home options — this is beneficial for those who are skeptical of homes for sale by owner.
When to Get Legal Help
There are a number of legitimate reasons why home buyers and sellers alike may need to seek the help of a real estate attorney. Real estate lawyers help to protect the rights and interests of their clients when it comes time to buy a property or to expand upon an existing property. In unclear situations, such as those involving a homeowner’s association or those involving renters, real estate attorneys are able to inform clients on their rights when it comes to expanding or developing the property in question. For those who have found themselves entrapped by a high-interest loan from a bank, real estate lawyers may be able to find a solution to avoid foreclosure. With so many independent factors at work, the house marketing is understandably intimidating — experts de-mystify the market and help home buyers and sellers make informed decisions that are in accordance with their legal rights.