Moving into a new home can be a very stressful time.
A residential real estate lawyer can be helpful when you are purchasing a home and can assist you through this long and complex process, beginning with the real estate purchase agreement and ending with your real estate closing.
Here’s how a residential real estate lawyer can help in Ohio.
Clients hire our law firm to draft a purchase agreement which summarizes the details of their real estate transaction and adequately protects their interests. The most important aspect of the purchase agreement is drafting contingencies that adequately protect you when you are purchasing a home. The contingencies provide you with flexibility so if issues arise, you have the ability to terminate your real estate purchase contract and ensure that your deposit is fully refunded.
As a buyer, you need to negotiate all of the key terms and conditions with the seller. All of the key terms and conditions must be included in your real estate purchase agreement when you present an offer on your dream home. All home purchases must include a fully written real estate purchase agreement that is signed by the Buyer and Seller and includes all of the terms and conditions agreed by the Parties. It must adequately and thoroughly outline all of the contingencies that protect you and provide you with as much flexibility as possible.
Making the Offer
After you have thoroughly researched the area where you want to purchase your home and have identified comparables, always start with a lower offer than the average price of the homes in the area in which you want to purchase. This way you will have plenty of negotiating room with the seller.
Always ask the seller to warrant the condition of the home and pay for a home warranty plan and a pest inspection. Also ensure that the seller is willing to cover any repairs that are necessary for the home.
When a seller tells you that he or she is making no warranties relating to the home and requires you to purchase the home “as is,” this is always a red flag. “As is” means buyer beware. The seller is telling you that he or she is making no warranties regarding the home. In other words, under no condition is the seller obligated if adverse conditions exist on the property.
Get More Tips from a Residential Real Estate Lawyer
Stay tuned for part two of this series. We will expand on the inspection and specific contingencies you will want to consider.