You'll need a realtor, an engineer, an attorney and a Lender.
The period after you decide to buy real estate can be one of excitement and anxiety. For most, the purchase of a home or other real estate property is the investment of a lifetime.
At varying points of the buying process, you will need the services of different professionals. Each one will assist you in a different way. Select a professional you know and trust or with whom you can quickly establish a close rapport. And remember that the more questions you are prepared to ask at each step, the more beneficial your relationship will be with a professional.
The Engineer
Before you agree on the purchase price, be sure you know how expensive any necessary repairs will be. An inspection by a licensed engineer is your best protection.
The most common defects are:
Poor drainage
Faulty wiring
Leaky roof
Old heating system
Structural damage
Plumbing problems
Driveway cracks
Air and water leaks
Old windows
The Services of a Realtor
Most homebuyers receive assistance from a realtor at the beginning of the process. The realtor initially assesses your ability to afford a home and will determine your needs and preferences.
From that point, the realtor will accompany you to visit homes that are on the market and that are suitable for you and your family.
Realtors are usually informed about the market for homes in the areas they cover and can advise you regarding the purchase price, school districts and the amenities that a neighborhood offers.
Your realtor will help you with items such as affordability, property values, school districts and and help you find the homes that are available and suitable for you.
Remember, no one knows your needs and preferences better than you. If in doubt, trust your own judgement.
The Attorney
Once you decide on a home and agree on the purchase price with the seller, it is time to consult with an attorney. It is wise to be represented by an attorney because the purchase of real estate involves a legally binding contract and a large investment.
As a custom, the seller’s attorney prepares the contract and forwards four copies to the buyer’s attorney. You should try to complete most of your negotiations prior to the time the seller directs his attorney to draft the agreement. This will increase your chances of getting what you want from the deal.
The attorney’s job is to manage your contractual relationship with the seller from the moment you first review the contract until the closing of the transaction.
The attorney also orders a title report that notifies him and your lender’s attorney whether there are any liens, mortgages or violations recorded against the property you are buying.
A banker or a mortgage broker assists you in obtaining a loan to finance the transaction. You will be required to furnish the bank with recent pay stubs, tax returns and other evidence of your income and assets.
At the closing, which usually takes place in the office of the bank’s attorney, you will sign a number of loan documents, pay the seller, and receive the keys and the deed to your new home.
Prior to the closing, your attorney, the bank, the realtor and the bank’s attorney all must coordinate their efforts to make sure a number of last minute items are in place so that the closing goes smoothly.
One of the first questions you should have answered is how big a loan you can obtain with your income.
In addition to the purchase price, you must take closing costs into account. The greater portion of these costs are charged by the lender and the title company.
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