Buying a home is one of the most exciting and stressful events in a new homeowner’s life. The prospect of becoming the official owner of the house that you have chosen is highly anticipated, but one major oversight can turn a homeowner’s dream into a nightmare. Closing is usually the buyer’s final opportunity to request changes and verify that previously-agreed-upon conditions are met. While most closings are concluded with limited trouble, there are a few property closing mistakes that can turn homeownership into a misfortune. Zwick Law’s Real Estate Settlement Division ensures that our clients experience a stress-free closing process, while we guide them along the way, avoiding these common mistakes.
The Existence of “Hidden Liens”
The past owners of the property you are buying may have left you with multiple problems, if they did not pay their bills in a timely manner. In some instances, a homeowner who failed to pay their association dues, utility bills, or bills for other services, could find themselves on the receiving end of a lien. This property lien requires that the lien-creditor receives the money they are owed from the proceeds of the home sale. While liens typically show up prior to closing, some people have purchased a home; lived in the property for years; and only discovered the existence of a hidden lien when they later attempted to resell the property.
Skipping the Final Walkthrough
After visiting the property you plan to purchase multiple times throughout the last month, going to the house one last time before closing may seem unnecessary or inconvenient. While completing a final walkthrough is not required, not checking your property one last time could cause trouble. No matter how comfortable you are with the seller, and how nice the home had appeared during your past inspections, major problems such as new property damage or missing appliances are sometimes discovered during the final walkthrough. A final walkthrough should always be completed.
No Homeowner’s Insurance
Purchasing homeowner’s insurance for a property, in many instances, is taken for granted, since it is usually considered to be one of the easiest parts of the home buying process. It is true that most homeowners have no problem finding a company to insure their new property; however, occasionally a prospective home buyer finds himself in position where no one wants to insure the home. If the seller files a large claim immediately before you close on the home, another insurance company may refuse to cover the property. A person who is buying a property with cash may be able to complete the transaction, but owning a home with no insurance is a huge financial risk.
Get Advice – Contact Zwick Law’s Real Estate Settlement Division When Buying A Home
The process of buying a home is not something that you should go through alone. The help of a qualified real estate attorney can simplify the transaction and increase your chances of having a problem-free experience. The team at Zwick Law’s Real Estate Settlement Division understands how important homeownership is, and we take pride in providing our clients with the legal advice they need to make educated decisions. Contact us today to schedule a consultation at one of our conveniently located offices in DuBois or Brookville, so that we can begin giving you the representation you deserve.
Zwick Law’s Real Estate Settlement Division is directed by Carl A. Lias, a Pennsylvania Licensed Title Insurance Agent since 1999, who has over 19 years of experience in residential and commercial real estate transactions, including refinance transactions, as well as extensive knowledge of conventional, FHA, VA, USDA and PHFA mortgage loan products. Zwick Law’s Real Estate Settlement Division is uniquely positioned – as a dedicated settlement service provider situated within the four corners of a law firm – to ensure our clients enjoy the security, professionalism and friendliness that they expect and deserve, all while paying less than they otherwise would at other regional firms and title companies.