Real Estate Lawyers in Los Angeles Tips for First-Time Homebuyers
May 10, 2019
Our real estate lawyers in Los Angeles have won a lot of cases in the real estate industry. If it is your first time to buy a house, please heed our tips listed below. In that way, you can avoid facing some common problems in the real estate business.
As a first time buyer, there are several things that you are not aware of in buying a house. Unfortunately, your real estate agents will not give you the proper guidance to get through this path. They simply wish to get their commission.
Fear not, though, as we are here to help. Gomez and Simone law firm houses exceptional real estate lawyers in Los Angeles who won the majority of the cases we have dealt with.
When purchasing a house, make sure to follow these tips.
Protect Yourself Through Contingencies
In a real estate contract, contingencies are vital. With it, you can back out of the transaction if the property’s condition is adverse.
You can back out without getting penalized. However, make sure that you do not remove the contingency before the transaction.
That’s why it is vital to work with a real estate lawyer before you even purchase a house. In that way, the lawyer can help you build a contract that protects your investment.
Expect Longer Loan Approval
Typically, it only takes 30 days to approve your loan. But some events may happen that can negatively affect the loan processing.
For that reason, it is vital that you give yourself plenty of time in the purchasing process. It will let you resolve any unforeseen issues with your loan.
Keep in mind that closing escrow can be quite difficult. It can take up to 60 days if you used a conventional loan.
You can inspect the house on your own. But you will surely miss a lot of things.
For that reason, it is highly recommended that you hire a building expert to study the in and out of the house. Doing so will help you avoid financial problems later on.
The expert can help in unveiling any undisclosed defects. These defects can be costly if you repair them. They may result in you losing your investment because of them.
Hire an Attorney
It is not enough to work with a real estate agent. You should hire a real estate lawyer when being a house. The lawyer will represent you throughout the home-buying process. This attorney will review the loan documents before you sign.
Your lawyer will also help in the negotiation process after a home inspection. If the building inspector finds some serious defects with the home, your attorney will talk to the seller. He will negotiate that the seller must complete the repairs before completing the home sale.
Your attorney will also come in handy if you wish to lower the sales price of the house.
Are you ready to buy your new house? Talk to our real estate lawyers in Los Angeles first.