The purchase of a residential property is a stressful process. While you may have a real estate agent that helps you find real estate, there are legal issues that you have to think about when going through the process.
Purchase price questions
- What is the purchase price?
- Does it include the value of any low-interest-rate mortgage being assumed?
- Has there been a recent FHA or private appraisal made?
- Should purchaser make deal conditional on seller’s obtaining an appraisal in excess of the proposed purchase price?
- How much is to be paid down including the earnest money deposit?
- Will this cover seller’s selling expenses, including the broker’s commission, attorney fees?
- Should purchaser or purchaser’s lender, require that outstanding encumbrances be paid from down payment proceeds?
Easements. An easement is a certain right to use the property of another without possessing it.
- Do any other persons use paths, roads or sewer lines, or have any easements over the property being purchased?
- Is the purchaser satisfied that he has ingress to or egress from the property?
- Are easements needed for access, utilities, view?
Earnest Money. Earnest money is a monetary deposit toward the purchase of real estate property.
- How much earnest money is to be required?
- Who will hold it pending final agreements on terms?
- Who is to make payments for title insurance? Transfer taxes? Assessments outstanding? Escrow charges? Filing Fees? Mortgage Assignment charges? Attorneys’ fees?
All of these questions (and more) should be addressed prior to taking the keys to your home. A real estate attorney can assist with the sale of your home by answering your legal questions.