Archive for the ‘home buyer tips’ Category

Avoiding Legal Problems in Home Buying

Wednesday, March 7th, 2012

Home buying involves a myriad of legal documents, permits and a lot of paperwork that can make your head reel. To avoid getting the worst part of the deal, you need to be careful with every scrap of paper you sign.

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It is also necessary to examine every piece of document and understand every line in the contracts you will sign to avoid future legal troubles. There are ways you can avoid such troubles and get a good deal in return, here are some of them.

1. Do not sign blank documents. Even if you think you can trust someone and that person asks you to sign a blank document or a document that contains blanks, providing an excuse that the paper is just not ready yet or his secretary got sick so the document was unprinted, do not sign. Wait for the actual document to be presented to you before you sign. Fill out every line that needs to be filled out since anyone can add or insert numbers or words into these blank lines once your back is turned. Use N/A to fill up full lines or draw a line to cross out blank spaces when you have nothing to add.

2. Read every line of every document. Do not just scan the papers, read them thoroughly and if there are parts that you do not understand, ask for these parts to be explained to you. If you are to sign multiple copies, read every copy even if they are just duplicates of the first. Someone unscrupulous may ask you to sign the top page and then lift the bottom of the page to get you to sign the succeeding paper without telling you what is in it. Some will tell you the succeeding pages are just duplicates; do not take their word for it. Read everything.

3. Hire a real estate attorney. They may cost some money, but they may save you from more expensive troubles in the end. Get a lawyer to examine every document involve in the process; from the purchase contract to the loan agreement to permits. It is their job to spot troublesome provisions so make use of their talents.

4. Never make false statements. When you apply for a loan or sign a purchase agreement, always provide the accurate information. There are some buyers who inflate their income when applying for a loan or fail to mention existing debts or provide false information about their employment. Do not do such a thing as it is inevitable that you will be found out and you will be in much trouble for these lies.

5. Reveal the true purpose of your purchase. Do not lie about the real purpose behind your decision to buy a house. If you intend to live in the property, say so. If you plan to rent it out, admit it. There are federal laws in place that make it a crime to lie about home buying reasons and you do not want to be charged with a criminal offense.

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