Purchasing Property

Prior to investing in a piece of property, it is important to thoroughly research the land. Investigate zoning violations to see if the property is in violation. Also, consider any environmental hazards which may be present. What was the property used for in the past?

Check to see if there are conditions which could be of harm to someone on the property, as the owner will be held liable. Carefully read the purchase contract to make sure that all the restrictions can be complied with.

Evaluate your finances to see if you will be able to make the required mortgage payments on time. Be sure the chain of title is not defective.

Insurance is recommended to protect owners from the risks. Liability insurance and title insurance are the two most commonly purchased.

The time period between the deposit and closing date is a set period. The check will be cashed to ensure appropriate funds exist, but the money will go towards the purchase price. However, if the deal does not follow through, the seller is entitled to keep the deposit.

The contract should include both financing and inspection contingencies. Because obtaining a mortgage is a lengthy process, the buyer should seek financing soon after the contract is signed.

The title report can be reviewed by an attorney who can check trouble spots. The title should be clearly written. There are state ordinances which apply to property ownership transfers. Make sure to follow these. Also, have a homeowner's insurance company inspect the house prior to closing to make sure insurance can be acquired.

If you are looking to purchase property, contact the Austin real estate lawyers of Slater Kennon & Jameson today by calling 512-472-2431.