Posted on: 2 May 2016Share
For most people, buying a piece of real estate can be one of the largest purchases that they will make. Not surprisingly, making this investment can be stressful to many first-time homebuyers due to the seemingly overwhelming number of details that will need to be addressed. As a result, it may be possible for these people to make simple oversights that could lead to serious complications. To help you avoid these issues, you should make sure to keep the following tips in mind when you are in the process of purchasing your first property.
Invest In A Title Insurance Policy
Buying real estate can be risky due to the chances that its value changes or discovering that your new home needs major repairs. However, these are not the only threats that your investment may face. It may also be possible for there to be a lien against the property from a previous owner. Unfortunately, you will be responsible for paying this lien or you may risk losing your property to foreclosure. To protect yourself against this risk, you should make sure to purchase a title insurance policy. When you buy this policy, the insurance company will thoroughly research the property to verify that there are no current liens. In the event a lien is later discovered, these policies will pay the costs with lifting it.
Have A Property Survey Completed
Prior to deciding to purchase real estate, you should make sure to have a survey performed. These surveys will help to ensure that you are purchasing the property that you think you are. Without a survey, you may find that a piece of the land that you thought you owned is actually controlled by a neighbor. While there will be a small fee in having a survey completed, it can be the best option for ensuring that you understand exactly what you are buying.
Have The Well And Septic System Professionally Inspected
It is common for homes in rural areas to have septic systems and water wells. However, these features can represent liability issues for you. If the well or septic system is compromised and releases contaminants into the groundwater, you may be liable for expensive fines as well as the cost to repair the problem that led to the contamination. To help you minimize this risk, you should have professional well and septic system technicians thoroughly inspect these systems. If problems are discovered, you may be able to negotiate to have the price reduced by the cost of the needed repairs.
For more information, contact a company like Lee Roche & Kerr Real Estate Law.