In a residential realty purchase, three parties are involved: the lender, the seller and the buyer. This three-party system can make real estate complex, and the laws governing these transactions are different from those concerning other purchases. When there are problems with real estate, it is best to hire a lawyer to help you and protect your interests.
Read the Fine Print
Before buying a home, you and the seller must sign a purchase contract, which sets a closing date – the date where title to the property is rewritten in your name. If the agreement includes the phrase “time is of the essence”, tread carefully. If the closing is delayed by even one day, the seller has the legal right to cancel the sale and keep your money.
Financing may be Difficult
Getting bank financing requires that you complete extensive paperwork and meet strict lending criteria. If you have poor credit and cannot qualify, you may be able to get the seller to go into a land contract, where you make installment payments and title is transferred to you when the final payment is made.
Real Estate Defects in San Diego
Homes may contain latent defects, which are problems that may escape detection during a routine inspection. Latent defects include crime-ridden neighborhoods, termite infestation and roof leaks. Sellers are obliged to notify potential buyers of any known defects; if they knowingly conceal a problem and you buy the home, you can take them to court.
Title Defects
A residential property has a title defect if there is an ownership dispute, or if a lien or mortgage exists. If the property is mortgaged, the seller must pay the loan before selling. If they do not pay the mortgage, the bank may foreclose. Most home buyers handle this situation with insurance, which covers them in case of title related Real Estate Defects in San Diego.
Hiring a Real Estate Attorney
Every state has different laws on real estate transactions, and every transaction comes with its own challenges. Your case is unlike any other and you should not rely upon the content of this article for legal advice. For information that is applicable to your case, you should call a real estate attorney after you click here to read more about real estate defects.
