Regardless of whether you are purchasing a home or renting one for the first time, you need to know all about real estate law to prevent being hit with any surprises down the road. The last thing you want is to find out something you thought was true isn't. Real estate transactions involve a lot of legal terms that can be very confusing and overwhelming for those looking to buy or rent. To make sure you aren't taken advantage of, here are three mistakes you want to avoid.
Not looking for any clauses in the paperwork.
Oftentimes, people sign paperwork without ever stopping to think about what the paperwork says. They just assume everything is going to be fine, but that isn't always the case. Even though your paperwork might be 10, 20, or even 30 pages long, you need to go through and read everything carefully. Otherwise, you could find yourself stuck in a situation where there are clauses put into the paperwork that you didn't see. This could cause you to be stuck paying for things that you didn't realize were your responsibility. It could also allow the landlord to sell the property while you are in there renting it. You need to know these things ahead of time.
Not having a real estate attorney look over your paperwork.
If you don't have the time or don't understand the paperwork, let a real estate professional look over everything for you. They will go through and make sure nothing is out of line and that the contract is in your best interest. If something isn't right, they will work to get it corrected for you to prevent any issues later on down the road.
Not knowing about any extra fees.
You need to know if there are any extra fees that you could be hit with down the road. Whether it be late fees, repair fees or any other type of fees. You need to know what they are and how much they could cost you out of your pocket. This prevents you from being stuck in a situation where you cannot afford the payments.
By not making one of the mistakes above, you can make sure your transaction goes through smoothly and effortlessly. If you are ever in doubt about what you should or shouldn't be doing with your real estate transactions, spend time discussing it with a real estate professional like Jack W Hanemann, P.S. who can help guide you along the way.