Buying a Home: What to Know About the Process and Why an Attorney Should Help You – Part 2

In our previous post, we went over a few pointers about the (sometimes) difficult process of purchasing a home. As we mentioned in that piece, home-buying can be a tough, nerve-racking and long process. Deciding on simple things like which part of a town or city to live in, nearby locations that you’ll enjoy and even schools for your children are all factors to consider. In this piece, we’ll be going over a few more things that you should know before venturing out and finding that new home for you and your family.

Find the perfect home to live and grow a family can be tough to do. Our real estate lawyers in McAllen have the know-how and experience in making the process easier. Schedule a consultation today!

Purchase Agreements

Perhaps the most important document during the home-buying process is the purchase agreement. This is where an attorney’s guidance will be most useful as he/she can help you understand what the agreement should represent, entail and how it should work in your favor. Also, making changes and additions to it to best reflect your needs is also equally important. There are many issues that need to be addressed when dealing with one of these agreements, and can involve:

  • If a buyer plans to change the property in any way, such as adding or removing structures, for example, is the request lawful?
  • If the above changes were done, was it done lawfully?
  • What if hazardous chemicals and/or waste are discovered on the property?
  • What if the buyer hires a third party to investigate the property for dangerous chemicals and some are discovered?
  • If a settlement isn’t reached during the purchasing process, what will the legal ramifications be? What becomes of the down payment if one is made and one of the two parties backs out of the agreement? Will it be held in escrow by an attorney?

Also, many buyers finance their purchases with a mortgage loan from a bank, credit union or other financial institution. The purchase agreement should note a provision of some sort that is subject to the buyer obtaining some form of commitment for financing.

Establishing a Title

After both parties agree to the purchase agreement, establishing a title to both the buyer and their financial institution’s satisfaction is next. As with a purchase agreement, an attorney’s help and oversight should also be considered during this phase of the home-buying process.

If property lies within an area where titles are necessary, a real estate lawyer can explain the exceptions as to what won’t be insured. He/she will also ensure that the title remains legal and that both sides are content with it.

Closing the Deal

Closing the home-buying process can be just as difficult and confusing as finding the right home itself – for both the seller and buyer. When a deal for a purchase comes to an end, both parties, their lawyers, a title closer (usually a representative from the title company), a representative for the lending institution and the real estate broker will all more than likely be present. If there are any last-minute disagreements or clauses that need to be discussed and settled, then this is usually where they’ll be handled. This is why having a lawyer present is extremely important.

Having Us Help You

As with any major purchase, it’s important to be patient and informed before making any final decisions. Our lawyers in McAllen are more than ready to help you make the right choice in your home-buying efforts. Contact us today to schedule a consultation.

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