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Items to look for in a residential purchase agreement

On Behalf of | Mar 16, 2021 | Uncategorized |

Buying a home is a huge commitment and a major financial step for many Southern California residents. When a person has found the perfect place to put down roots and build their life, they may not be easily dissuaded from their goal of securing their desired property. However, before a person can call a new property their own, they must sign and execute a purchase agreement.

Purchase agreements are massive documents that cover many issues related to the real estate transaction of home buying. Whether a person is buying a new home from a builder or an existing home from a private party, there are many issues they should look out for in their purchase agreement. It can be useful for a prospective buyer to have their trusted real estate attorney review their agreement before they sign it to help them avoid any disasters after the home is theirs.

Property use issues

It is not uncommon for homeowners to make improvements and renovations to their properties. However, when this work is done without permits, or not completed to code, it can mean major problems for future owners who acquire the properties. New homeowners should be aware of all changes that have been made to properties to ensure that those changes were legally made and safely performed.

Similarly, when a prospective buyer wishes to acquire a property in a planned community, their contract should reflect any restrictions or limitations that they may have to recognize once they own the home. Limits may be placed on some building changes in certain locations, and a buyer should be aware of those limits before they sign their purchase agreement.

Hazards and hazardous waste

Most home buyers wish to have their prospective homes inspected for dangers before they commit to purchasing them. Inspections can look for rodents and insect infestations, as well as lead paint and other chemical hazards. A purchase agreement should build in what options the parties have if such inspections turn up problems or the existence of hazardous waste on the property.

Financial considerations

Homes are expensive, especially in Southern California. When a person is ready to buy one, they may want to be sure that they can get their down payment back if the deal falls through. A purchase contract should explain how financial matters related to the sale will happen so that buyers and sellers are aware of their obligations to the agreement.

Buying a home is exciting and scary. A lot has to happen before a buyer can call a new property their own. This post does not provide legal advice. Home buyers can benefit from working with trusted real estate attorneys to ensure their home purchases happen smoothly.