A real estate property isn’t something you can just buy easily. Most people spend years saving up to buy their own home. It’s a big financial step and can come with a lot of risks. This is why before singing that deal, you should know how to protect yourself.

What Are You Protecting Yourself From Anyway?

Why is there a need to protect yourself? You could lose your initial down payment or earnest money. You could also end up buying a real estate property with more issues than you were previously made aware of. There could be hidden problems with the title of the property such as encumbrances and liens. These are the things that you should protect yourself from.

Tips to Follow

Do your due diligence. You should make an effort to learn more about the property you are buying. Consult a real estate lawyer in North Vancouver who will check the title and determine if it’s clean. The real estate lawyer in North Vancouver can uncover encumbrances and liens if they are existing.

Research about the property as well. Have there been crimes done in the house? Was it used as a laboratory for making drugs? Is that area prone to flooding or similar issues? Is it a noisy neighborhood? Are there weird smells around? These are the things you would want to know before buying it.

Once you have decided to buy the house, talk to a lawyer in North Vancouver. Get the contract and have it reviewed. The lawyer in North Vancouver will check if there are some stipulations in the contract that will put you at a disadvantage. You can get the help of Lynn Valley Law when it comes to checking your buy and sell agreement.

Talk to your lawyer as well about adding some contingency clauses. If you are not sure about the condition of the house, especially if it’s an old house, you can add a contingency clause where the sale of the house is dependent on the results of the inspection.

You can also add a contingency clause about your mortgage. The sale will only push through if you find the right mortgage rate that you can afford.

These are the things that a lawyer from Lynn Valley Law can help you with. So before sealing the deal, consult a lawyer first and have him or her check the real estate documents just to make sure you are getting a good deal.

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