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Top 10 Legal Mistakes Homebuyer Make
- Not realizing that if you don’t write a strong offer to purchase, the seller may reject or not respond to your offer.
- Not realizing that if you don’t write a strong offer to purchase, you may lose the property to another more highly motivated buyer.
- Not realizing that, without a confidentiality agreement, a seller need not treat your offer as confidential.
- Not understanding when a contract becomes legally binding.
- Entering into an agreemetn before checking title records, liens, and other thigns to ascertain whether the seller will be able to close escrow as scheduled.
- Not understanding the legal implications of loan and inspection contingencies, and other contractual provisions.
- Not obtaining a seller’s disclosure.
- Not conducting your own inspections and investigations as the buyer.
- Not fully considering the legal, tax, credit and other ramifications of homeownership, especially co-ownership.
- Not properly handling a claim for property defects discovered after close of escrow.
Source: C.A.R. Legal Department (California Association of Realtors)
A good buyers agent will help guide you through this list and help you understand each and every one of them. Contact Laura Key for more info: 310.866.8422 or Laura.A.Key@gmail.com