REAL ESTATE

What is the first step to buy a Real Estate property?

The first step before buying a house is to research sales prices in the region you
wish to purchase the property. Comparison with similar properties is easily accomplished via computer listings.

The second step is to research public records for the estimated value appraised by the government. These two simple steps give you an idea of what you can offer to the seller.

The property can be sold by the owner, or through a real estate company. Real Estate companies may try to inflate the price of the property as they will receive a higher sales commission (generally between 3% and 6% of the sales price).

Always negotiate the price of the property before signing an offer. After you have reached an agreement in the sales price, the seller should issue a Purchase and Sales Contract, assisted by the Real Estate broker or agent, or an attorney.

The Real Estate agent must explain all conditions of the contract in detail to you. However, before you sign, to make sure you understand all penalties and fees involved, you should hire an attorney to review these conditions with you, to advise you properly. Always negotiate adequate time before the Closing date (the date in which the sale will become final) to research the title of the property and make sure it is marketable, and to finalize financing for the purchase.

It is advisable for the buyer to obtain title insurance. This will protect you and your property against any past problems with the property title.

If the property had any past title problems before you purchased it, with title insurance you need not pay litigation costs to rectify the problem; the Title Insurance company will pay all legal expenses involved.