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Buying a home is one of the biggest financial investments a person can make, which is why buyers and sellers enter into a formal written contract for the sale. This often involves real estate laws that may seem overwhelming if you’re not an attorney.

If you’re at a loss when it comes to the legal terms and stipulations in your contract, you should consult a real estate professional from Zangari Cohn Cuthbertson P.C. of New Haven, CT, and Warwick, RI, to help with your transaction. The law firm specializes in real estate law, property sales and purchases, financing, estate planning, and more. To help you make sense of real estate law, the firm has compiled five important legal facets of buying a property below.

5 Important Things To Know About Real Estate Law

1. Home Inspection Clause

Estate-planning-New-Haven-CTBuyers can hire third-party inspectors to conduct an inspection of the property within a certain period. These inspectors may include roofers, engineers, pest control experts, and contractors who can identify any hidden problems or hazards that affect the integrity of the home.

2. Disclosure Statements

Disclosure laws vary from state to state, but these documents serve to inform buyers about a property based on the seller’s experience and knowledge. It usually includes renovations, upgrades, home defects, the existence of pets, neighborhood nuisances, and other concerns. However, buyers should still hire third-party inspectors even after receiving a disclosure statement from the seller.

3. Contingency Waivers

A contingency waiver safeguards the interests of the buyer. It allows the buyer to terminate a deal and receive a full refund in cases wherein they are unable to obtain financing or discover serious problems or hazards on the property that were not reported by the seller.

4. Reporting The Payment

If you are going to pay in cash, report any transactions over $10,000 to the federal government as mandated by law. They will want to confirm that the money you are using was obtained legally. The report will include information about the buyer, real estate agents, lawyers, and title companies.

5. Signing The Contract

estate-planning-New-Haven-CTBoth parties should agree to and sign the contract for it to be legally binding. A sales contract is the document which breaks down all information regarding the transaction. It states the specific property being sold, the names of those involved, the purchase price, mortgage contingencies, and the closing date.

For a trouble-free real estate purchase, trust the real estate experts at Zangari Cohn Cuthbertson P.C. Call their Connecticut office at (203) 789-0001 or their Rhode Island office at (401) 244-9048, or visit their website to schedule a consultation today.

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