Along with a real estate agent, enlist help from a lawyer when buying a house. Both are skilled in negotiating and will help you understand your legal rights and obligations. For a better idea of where their expertise will be useful, below is a brief introduction to the legal process involved with home buying. 

How the Legalities of Buying a House Work

Reviewing the Disclosure Information

Each state has real estate disclosure laws that home sellers must abide by. In Texas, for example, the seller must fill out a disclosure form, drafted by the state’s real estate commission, that includes any known property defects. As the buyer, you shouldn’t receive the notice after the purchase contract. If this happens, you have the legal right to void the contract.      

Going Over the Contract

If you still want to proceed with the sale after receiving the disclosure form, the seller will send along the purchase contract. Go through it thoroughly with your real estate agent and attorney, paying close attention to the contingencies section. These clauses outline certain criteria that must be met for the contract to become binding. This could include how your financing affects the purchase. If you don’t agree with any of the terms, a real estate agent can lobby on your behalf to make amendments. 

Reaching Out to the Lender for Closing Costs

You should be aware of all closing costs, including lender fees. Reach out to your mortgage company for the information. They are legally obligated to provide an estimate. Before signing a contract for the loan, ask questions if you don’t understand any of the associated fees. A lawyer can also provide insight if any information is unclear.

Before closing the sale, you’ll first need to find a real estate agent to help you embark on the journey to find a new home. That’s where the team at Guru Management, LLC, can be of assistance. Since 2015, the Houston, TX-based real estate consulting firm has been pairing clients with the right agents and helping investors in the Houston metro area find real estate to grow their portfolios. To schedule a consultation, call (347) 409-2568.