| The heat has definitely been taken off the real | | | | lawyer. If you needed brain surgery you wouldn't |
| market these days. Prices are down from their | | | | want a knee surgeon to perform it, would you? |
| lofty heights of a couple of years ago, mortgage | | | | A good buyer's agent with your best interests in |
| rates are at record lows and there are more | | | | mind will not discourage you from your lawyers |
| homes and condominiums to choose from. If you | | | | input and advice on any offer before it is |
| are thinking of plunging into the real estate | | | | presented to a seller. |
| market here are some time tested rules that will | | | | 5. Power of Sale and Foreclosure Properties |
| ensure you a frustration free experience. | | | | Often real estate agents will offer to send |
| 1. Hire a Buyers Agent to Represent You | | | | prospective buyers a list of power of sale |
| Whether you are a new first time home buyer or | | | | properties on the market. The implication seems |
| a seasoned homeowner, sooner or later you will | | | | to be that a pot of gold awaits buyers of these |
| need the services of a good real estate agent to | | | | properties. This is far from the truth. Power of |
| act on your behalf. A buyer's agent owes you | | | | Sale properties have been taken over by the |
| fiduciary duty and must legally work in your best | | | | mortgage holder when the registered owner has |
| interests. | | | | defaulted on the loan. They are usually vacant and |
| 2. Get Pre-Approved For a Mortgage | | | | therefore subject to faster deterioration and |
| This is a relatively easy process that your buyer's | | | | vandalism than an occupied home. This is not to |
| agent can help you with. There is no obligation and | | | | say that bargains cannot be found in these types |
| won't cost you anything. It will however let you | | | | of properties but caution is advised. Care in the |
| know how much you can spend on a new home | | | | preparation of an offer on power of sale |
| and will usually protect you from any increase in | | | | properties is also required so as not to expose |
| rates for a period of time. It will also allow you to | | | | you to any unforeseen additional costs. |
| forgo a financing condition in an offer, making it | | | | 6. Keep Your Emotions under Control |
| more attractive to a seller. If you are a high ratio | | | | When you do walk into the home that you |
| borrower you will still need a financing condition | | | | absolutely fall in love with, do keep your emotions |
| clause even with pre-approval. | | | | under control. Any signals of enthusiasm or |
| 3. Know the Costs of Buying Before Closing Day | | | | excitement shown to the seller or the seller's |
| Before you sign on the dotted line you need to | | | | agent will be used to your disadvantage. |
| know there are costs to buying a home. Legal | | | | 7. Home Inspection |
| fees, Land Transfer Taxes, Lawyers | | | | Sometimes you are in a competing situation for a |
| disbursements, Title Insurance, Home Insurance | | | | property and you will be under pressure to forgo |
| are some of the costs you will need to have | | | | a home inspection. In this emotionally charged |
| available on the day of closing. Be sure to have | | | | atmosphere you may be tempted to do so. Do |
| your buyer's agent explain these to you so that | | | | not let anyone talk you out of performing a home |
| you can budget for them on closing day. | | | | inspection by a qualified home inspector. You may |
| 4. Select a Real Estate Lawyer Before You Buy | | | | wish to instruct your buyer's agent upon hiring |
| If you do not already have a real estate lawyer | | | | them to remind you of the dangers of this if and |
| ask your buyers agent for some names. | | | | when the situation arises. |
| Alternatively you can ask a relative or friend for a | | | | Along with a regular home inspection you may |
| recommendation. When you speak with them be | | | | want to consider doing a Thermal Imaging |
| sure to ask if they specialize in real estate law. | | | | inspection. It does cost more but it will reveal |
| There are many types of lawyers practicing in | | | | hidden problems and potentially hazardous issues |
| different areas of the law, criminal, family law and | | | | that a visual surface inspection fails to uncover. |
| corporate to name a few. You need a real estate | | | | |