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Mistakes may harm homebuyers in real estate transactions

Making careless mistakes in life is natural, but sometimes, these mistakes can have major consequences. This is especially true when buying a home. A few tips may help homebuyers to protect their best interests when taking part in residential real estate transactions in New York.

First, a common mistake that homebuyers make is not taking time to review property disclosures. Sometimes, buyers avoid reading these disclosures because they are long. However, even homebuyers who plan to get a home of interest inspected would benefit from fully reading the property disclosures that the home seller has provided. Major issues to look for include mold or pest infestations, HVAC issues, a foundation that is faulty or a leaky roof.

Another major mistake made when shopping for a home is placing trust in a verbal agreement. Putting everything agreed to in writing is absolutely paramount. For instance, if a seller has promised to replace a home's water heater prior to the closing date, the seller is legally not required to do this if this action has not been agreed to in writing.

Purchasing residential real estate can easily be one of the most important decisions an individual can make as an adult. Unfortunately, failure to understand the home buying process may cause a deal to fall through or lead to a transaction that causes more harm than good for the buyer. An attorney in New York can provide the necessary guidance during each step of even the most complicated of real estate transactions.

Source: realtor.com, "Big Ways to Botch Buying a Home", Daniel Bortz, Oct. 11, 2017

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