TIPS FOR BUYING A HOME

 

Is this your first time buying a house? Pay attention! Buying a home is a complex task. Big investments are at stake. Here are 8 tips to help you.

1. Make a budget

Avoid exceeding your financial means. Make a budget and stick to it. In addition to the price of the house, also add the costs associated with the purchase. Examples: title insurance, a home inspection by an expert, notary fees, etc.

2. Seek help from a real estate agent

With his experience in the field, the real estate agent saves you time, and energy and saves you big money. He advises you, guides you, and negotiates the prices for you.

Before you choose: meet a few agents, research them and get referrals.

Don't forget to tell him what you are looking for, your budget, and the services he will be responsible for. Get help from Stellar Homes the best real estate agency in Dubai.

3. Get help from a lawyer

Even when you have a real estate agent's help, seek a lawyer specializing in real estate law. It protects your legal interests.

For example:

·         He drafts or revises the documents you submit to the seller.

·         He makes sure that what you sign reflects your interests.

·         He researches to make sure the seller is the owner or make sure there are no outstanding mortgages.

·         It registers the title deed on your behalf.

4. Ask questions

Find out about:

·         Furniture: the seller can leave with the appliances.

·         Items included in the house: some items like the water heater come with a service. The service contract must then be taken over.

·         The neighborhood: buying a house is adopting a neighborhood. Pick the one that matches your lifestyle. Visit the neighborhood and talk to the neighbors.

·         The house's history: Are you afraid of buying a house where there has been a suicide or a murder? Talk to the seller and the neighbors. A simple search on the Internet with the house's address can sometimes reveal important information to you. 

5. Have the house inspected

Don't forgo an inspection to win an auction war or to speed up a home purchase. Inspection by an expert reveals minor and major problems, apparent or hidden, in the house. The inspection protects you because it helps you make an informed decision: for example, you can cancel the house's purchase, ask the seller to fix the problems, or reduce the purchase price.

6. Demand written contracts

Protect yourself before something goes wrong. Sign a written contract for all your agreements with the real estate agent, the lawyer, the seller, the expert who inspects the house, or any other person during the transaction. Always keep a copy of the documents.

7. Read and understand what you are signing

Make sure you understand all the information. Do not sign documents without reading them because:

·         You want to speed up the process;

·         You trust the other party; or,

·         You are so happy with the deal that you don't pay attention to the details.

If necessary, consult your real estate agent or lawyer for advice before signing.

8. Observe the rules for creating a contract

There are very specific rules for creating a valid contract.

For example, when you make a conditional offer, all the conditions must be met before the contract is valid. Here are examples of conditions that you can impose:

·         Sell ​​your current home.

·         Obtain financing to buy the house.

·         Obtain a satisfactory inspection.

·         Obtain home insurance.

This is important because once a contract is valid, you cannot change your mind without the seller's consent. If you want to buy a home, visit Stellar Homes for luxury apartments in Dubai.

HOW TO PROTECT YOUR RIGHTS WHEN BUYING A HOUSE

The title deed: proof of your rights!

When you are the owner of a good (for example, a bicycle or a condo), you have a right of ownership of this good.

A title deed describes the right of ownership over land and the buildings on it (example: a house). When there are several owners, the title specifies the right of each. Also, it indicates the limits of your rights, such as the existence of a mortgage, for example.

The title deed of a condo indicates:

·         the individual owner of each unit

·         The right of access to common areas such as the entrance or the stairs of the building.

Title deeds are recorded in the title deeds registers of the provinces and territories.

Risks when buying a house

When you buy a house or a condo, the title to you is transferred. However, real estate law is very complex and requires several legal checks. In the event of an error, you expose yourself to surprises, for example:

·         A bank demands repayment of the previous owner's mortgage and threatens to repossess your home.

·         The seller has hidden important documents on your condo from you. You have no parking while your neighbor has two parking spaces!

·         Your path leading to the lake is subject to an easement. In other words, your neighbors have the right to use it at any time without asking your permission.

The best protection? A real estate lawyer

Transferring a title without a lawyer is difficult and risky. This is particularly the case in Ontario, for example.

A lawyer specializing in real estate law can make the purchase easier and avoid surprises. For more information, see the role of the lawyer specializing in real estate law.

Title insurance: think about it before you buy!

In some cases, it is recommended that you purchase title insurance. When a problem arises, insurance protects your property right. For example, the insurer compensates you for money you lose to fraud. 

A lawyer can suggest the most suitable insurance for you. For example, that of a condo will be very different from that of a chalet.

Title insurance is limited to the right of ownership and excludes other situations such as latent defects (for example, the presence of bats in the attic). The insurance contract indicates what is protected and what is not. If in doubt, don't hesitate to ask questions!