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Avoiding mistakes when buying a residential property

Buying a home can be a wonderful step for your family, but purchasing real estate can be an arduous and complicated process. From inspections to transferring the title, there are many steps before you can take ownership and move into your new Michigan home. Due to the complicated and expensive nature of this process, it is important to make every effort to avoid common mistakes and pitfalls.

Know what to expect in order to mitigate complications

Many homebuyers fail to realize that purchasing a home is much more than simply finding a house within the appropriate price range and making an offer. It is an intricate legal process, and, as with any other legal matter, it is best to have the help of an attorney. With guidance, buyers may be able to resolve common issues and concerns by doing the following:

  • Carefully reviewing all documents
  • Ensuring agreements are fair and reasonable
  • Fully understanding the tax implications of the home purchase
  • Ensuring that the title is clean
  • Finding solutions to title disputes
  • Appropriately completing all paperwork

Many of the hurdles that buyers face can derail what seems like a straightforward and easy transaction. Your dream of owning a home is too important to leave to chance, so you should not attempt to resolve these issues without the support of a legal professional.

Ask the right questions

If you are buying a home, it is important that you do not walk blindly through the process. By asking the right questions, you can make decisions that are beneficial for your family and ensure that the transaction reaches completion. Some questions that you must ask include:

  • Is the purchase contingent on repairs, financing or the sale of another property?
  • Is the seller required to provide a good title?
  • Who will pay closing costs?
  • Are there any restrictions on the property?
  • Which party will handle the burden of repairs if the property sustains damage before closing?
  • Which party will pay for required assessments?
  • What inspections do the lender and the municipal government require?
  • Are property boundary lines known or are they in dispute?

A real estate attorney can ensure that you have the correct answers to these important questions and answers to any other questions you have as you work to purchase a home. You would be wise to seek help to resolve any issues that arise and to potentially mitigate the complications that may prevent you or delay you from moving into your new home.

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