When you are buying a property with the help of a Seattle real estate attorney, it is very important to do your due diligence. This term is very familiar to people buying commercial property or entering into a commercial transaction, but it may not be as familiar to people buying a residential home or purchasing their first house. Whether you are familiar with the term or not, your real estate attorney at https://www.cardon-law.com/real-estate/ should help you to do your due diligence before you close on a property to buy.
What is Due Diligence?
Due diligence simply refers to the process of investigating a potential investment to be sure it is a good one. Since your home is an investment, this type of investigation is necessary to make sure you are making a wise choice and that you won’t regret your purchase later.
One aspect of doing your due diligence when it comes to buying a home is making sure that you aren’t spending more on the house than it is worth or than you reasonably should spend. The bank will make sure of this by doing an appraisal before they lend you money, but your Seattle real estate attorney may also help you in this regard by assisting you in making an offer that is reasonable and fair. Your Seattle real estate attorney may also advise you to ensure that your offer is contingent upon the appraisal being sufficient to allow you to obtain financing.
Another aspect of due diligence when it comes to a home purchase is understanding what restrictions or limitations there are on your ownership. For instance, some properties come with deed restrictions or negative easements that limit what you can and cannot do with your home. Your Seattle real estate attorney should help you to determine if a deed restriction exists on a property you are considering buying or a property you have made an offer on so you will know what to expect. Knowing about easements that give others limited rights to use your land is also important.
Your Seattle real estate attorney will also help you to include other contingency clauses in your offer to purchase that help to ensure you are given an opportunity to do your due diligence. For instance, your Seattle real estate attorney may include a clause making your offer contingent on an inspection of the home.
Finally, your Seattle real estate attorney will assist you in conducting a title search and purchasing title insurance to ensure that there are no outstanding liens or claims on the land that you could potentially become responsible for once you are the new owner.
By doing these steps and getting professional legal advice, you can make sure that your home purchase is a good one and one that will benefit you both personally and financially.