Legal Issues When Buying a Home
Buying a home is very big step for many people. It can sometimes be overwhelming, but it is important to protect yourself and take your time. We’d advise working with a professional real estate agent to help you navigate the house buying process. Before you set out to look or buy a house in Wisconsin, it’s important to be aware of the legal issues involved in a residential real estate transaction such as disclosures, getting a clear title, zoning issues, assessments, taxes, and many other legal issues.
Below we’ve outlined some tips to help you during your house buying process.
- We recommend getting a real estate agent; you could ask some of your friends or family whom they’ve used, or search one out on your own. Find an agent that has a great track record of success:
- The real estate agent can prepare an in-depth analysis of the community.
- An agent can warn you about unsound deals.
- The agent will be able to navigate your loan.
- They will prepare the offer and negotiate on your behalf.
- Purchasing Agreements
A purchasing agreement is a binding enforceable document to buy and sell a home; it contains the terms and conditions of your real estate transaction. A purchase agreement needs to contain the following items:
- Before you close, an independent inspection needs to be performed by a licensed home inspector. The home inspection is done to protect you and to make sure that the property meets building safety codes. If you don’t get a home inspection, you will have no legal remedy against the seller. Some of the things that a home inspector will check include: pests, insulation, gas leaks, foundation and structural integrity, etc.
- Property limitations
- The condition of the property
- The date and the place of the closing
- The duration of the offer
- The name and addresses of all parties
- Purchase price
- Final agency acknowledgment
- Property Disclosures
Sellers are required to disclose certain things to a buyer, it is called a Real Estate Condition Report, it includes some of the following items:
- Any water issues
- Hazardous or defective conditions
- Tax issues
- Soil and drainage
- Structural integrity
- A Valid Title
This is where an attorney and real estate attorney can help. A title company or an attorney does a title search, which will check to make sure that all taxes are satisfied and that are no other burdens in the way that could affect the title. It’s important to have title insurance, and is required by many banks; it guarantees buyers that a seller is giving them a good title.
If you are in the process of buying a home and need some help, give our attorney’s a call at at 414-259-9300. We have a team of attorney’s that specialize in real estate law in Wauwatosa, WI and surrounding Wisconsin areas including Milwaukee, Waukesha, Ozaukee, Washington, Racine and Kenosha Counties.
Posted on: Monday, September 28th, 2015
Categories: Real Estate