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What do I need to know about real estate transactions before I buy my first home?

On Behalf of | Jul 20, 2022 | Residential Real Estate

Buying a home is often the largest transaction of a lifetime. This is a big step towards financial stability. With the right choice, you not only get a piece of property that becomes home but you also get a financial investment that grows in equity.

Finding that right piece of property can take time, and as the market continues to boom potential home buyers are wise to get as much ready before the transaction as possible to help ease the process. Three things to know about real estate transactions that can help ease the process include the following.

#1: It all starts with the offer

Putting together the right offer gets your foot in the door. Do a little research to see what homes sell for in the area to see if the listed price is reasonable. Come up with an offer you are comfortable with but consider including a provision that makes the offer contingent on a home inspection. This extra safety net offers a way out if there are issues with the property.

#2: Get ready to negotiate

Consider additional negotiations if there are concerns after the inspection. You could have the homeowner make changes before closing or see if they would agree to a price reduction so you can address the issues at a later date.

#3: Prepare for the closing

The closing process could vary depending on the details of your transaction, but for most closings the following steps can help better ensure the process goes smoothly.

  • Look over the title. Review the title report and consider title insurance to protect your interests in the event there is a dispute over homeownership in the future.
  • Prepare real estate documents. Look over all the real estate documents and make sure there are no errors.
  • Double check funding. If getting a mortgage, make sure everything is ready with the financial institution supporting the loan before you head to closing.

After the closing is complete, the seller provides the keys, and the buyer becomes the official owner of the property.