A home is the largest purchase most Americans will ever make. When it comes time to buy or sell one, many people are unaware of the small but important legal issues that may arise during the transaction.
If you’re buying or selling a home in Rhode Island, you should take the time to learn what these legal mistakes are and how to avoid them.
In addition, it’s crucial to make sure you work with a real estate professional who is knowledgeable about the laws that govern real estate transactions in Rhode Island.
How Legal Issues Can Impact You When Buying or Selling a Home in Rhode Island
When such a significant investment is transferred from one party to another, some legal details can become major problems if not handled correctly.
We urge you to educate yourself so you can avoid legal issues. Otherwise, these mistakes can end up costing you in some substantial ways, including:
- Losing money
- Taking up extra time
- Creating stress
- Possible legal consequences
A FREE report has been specially prepared to help you understand how to avoid costly legal mistakes. You owe it to yourself to read this report NOW to protect your investment– before it’s too late!
Avoid Vague or Unclear Terms in Your Brokerage Agreement
To protect yourself when buying or selling a home in Rhode Island, make sure the terms of the brokerage agreement cover all the legal issues on that form.
Some real estate agents often use standard forms, assuming they cover all situations. If information is absent in the agreement, you may be liable to pay a brokerage commission even if a sale does not occur.
This is another reason why it’s so important to find a knowledgeable Rhode Island realtor who will put your needs first.
Purchase Agreements; the Most Important Document in the Transaction
Many legal questions may need to be addressed in the purchase agreement, such as:
- Can that be done lawfully if the buyer plans to change the property?
- What happens if a buyer has a home inspector inspect the property and termites, asbestos, radon, or lead-based paint is found?
- What if the property is found to contain hazardous waste?
- What are the legal outcomes if the closing does not occur, and what happens to the down payment?
- According to the escrow instructions, will a lawyer hold the down payment in escrow?
- How is the payment to be made?
Before a buyer finances a substantial portion of the purchase price for a home with a lender, the purchase agreement should contain a carefully worded provision for the buyer to obtain a commitment for financing.
When it comes time to buy or sell your home in Rhode Island, make sure you find a real estate professional who considers all these questions and more.
Work With Real Estate Agents That Will Help You Avoid Legal Issues
When you choose to work with Your Home Sold Guaranteed Realty – The Nathan Clark Team, we will give you free home buyer’s resources and guarantees to help you avoid any legal problems.
Fill out the form below for a complete guide on how to avoid legal issues when buying or selling a home in Rhode Island.