While buying a home is an exciting prospect, legal issues can throw a real damper on the event. Real estate transactions are often complicated, and surprising problems can pop up when you least expect them.
In addition to problems with home inspections and financing hang-ups, there are also many other issues that can occur. Here are three less common real estate issues to watch out for when buying a home.
Failure to get a seller’s disclosure
While it is your responsibility to have a property inspected before purchasing it, home sellers in Florida are obligated to provide disclosure regarding the condition of the property before the transaction takes place. While any issues not disclosed prior to buying will ultimately be the seller’s responsibility should they be discovered later, getting the disclosure prior to the sale will save you stress and hassle. For example, if there are serious issues with the property, such as a need for foundational repair or an electrical overhaul, you may choose to continue your real estate search elsewhere.
Not getting the right title
Buying a unit in a condominium is unique when it comes to real estate. When you buy a home, you own the entire property outright. However, when purchasing a condo, you are only buying that specific unit in a building. As a result, you must pursue strata titling, which affords ownership of that specific unit. Strata titling also provides partial ownership of any shared areas, such as entryways and courtyards.
Neglecting to have a survey performed
You do not need to have a land survey conducted when you purchase a home, but it is definitely recommended. Many homeowners deal with boundary disputes from neighboring properties, which can be expensive to remedy even when you are in the right. Additionally, boundary information available to you can be inaccurate, leading you to believe your property’s boundaries are different than they actually are. Having a survey performed ensures you have the most accurate information in case a boundary issue arises.