When it comes to real estate, you want to make sure that you do everything you can to protect your best interests. It is very easy to make mistakes that can cost you thousands of dollars when purchasing a new property.
Among the most important things to do is having your attorney review your contract. There are several different contracts that you may be presented with as a buyer, and you want to make sure that you understand exactly what each entails.
For example, one contract could let you out of the purchase if there is a major defect within the home discovered during an inspection. Another contract may ask you to buy the home as-is, not allowing you to walk away from the purchase once you decide to make a bid.
What can you do to protect yourself during the home-buying process?
It is usually a good idea to work with an attorney and a realtor or to work with an attorney who is also a realtor. Doing this gives you the best chance of protecting your rights and guaranteeing that you can void the sale if something is seriously wrong with the property.
If you are working with a realtor who gives you a contract to sign or gives you the option to enter into different types of contracts, run them by your attorney first. Even if they’re more complex, it’s usually beneficial to choose the contract that provides you with more protection in case the sale falls through or the home is not what you were expecting.