Any major purchase is bound to come with some level of stress. But when you're buying a home, the stakes are especially high. After all, this is likely the most expensive purchase you'll ever make, and it's not something you can return if you're not happy with it. That's why it's so important to be as informed as possible before signing on the dotted line.
Unfortunately, not all sellers are forthcoming about potential problems with the property. In some cases, they may not even be aware of these issues themselves. But if the seller withholds information that could impact your decision to buy the home, it's considered fraud. And if you find yourself in this situation, you'll need to hire real estate attorneys to protect your interests. Here are three reasons why.
Ensure You're Getting What You Paid for
It's quite easy to take a seller's word, especially when you build a rapport with them. However, to ensure you're getting what you're about to pay for, have your real estate attorney investigate the property to determine if it has hidden issues that will mess up your finances.
Often, sellers do this to try and sell the home for more money than it's worth. Sometimes, the sellers may not even be aware that they're withholding important information. Either way, being legally prepared for the purchase ensures you don't suffer any consequences because of the seller's misrepresentation of the property.
Avoid any Potential Legal Issues Down the Road
Besides financial consequences, a seller withholding information can also cause you legal issues down the road. If for instance, there are disputes concerning the property's title, purchasing it without knowing leaves you stuck with a property you cannot claim sole ownership to.
Your experienced attorney will ensure you know what you're getting into. And if the legal issues tied to the estate are too convoluted, the attorney might recommend that you back out of the deal.
To Negotiate a Better Purchase Price
Sometimes, when a seller withholds information, you can use this to your advantage if you have the guidance of an attorney. For example, if you are purchasing a home that needs significant repairs and the seller didn't disclose this information upfront, you could use it as leverage to negotiate a lower purchase price.
This is especially true if there are multiple buyers interested in the property. In a competitive market, sellers are often more willing to budge on price in order to seal the deal. Your attorney can help you determine the property's fair market value and then negotiate a price that reflects the property's true value.
No one should have to worry about being taken advantage of when buying a home, but sadly, it happens occasionally. If you find yourself in this situation, hiring real estate attorneys is always the best course of action.
For more information, contact real estate attorneys near you.
There are a lot of laws in this country. Most people do find the laws annoying from time to time, but they do exist for our own safety and protection. It's also easier to understand laws, sometimes, if you think about them as falling into different classes and categories. One of those categories is real estate. There is a great variety of laws that specify how properties can be bought and sold, what landlords and renters are permitted to do, and so forth. Real estate attorneys specialize in this type of law, and you can read about them on this website.