You Need To Be Protected When Buying Or Selling Real Estate
Real estate is large investment, and you need to protect your investment. In addition to your visual inspection during your visits to the home, as soon as you have an accepted contract, you need to hire a licensed, professional home inspector to give you a detailed report about the home, construction, electric, plumbing, roofing, hazardous material and any other information about the home. Paying for inspector is the best investment, if it comes with a clean bill of health, or even with a very bad report, you are the winner in both cases, you have the option to move forward or cancel and run away from too many or costly repairs.
Sellerâ€™s Real Property Disclosure:
The Seller is obligated to disclose all material facts and defects Seller is aware of. Buyer as per the contract, has certain number of days to accept the disclosure and proceed with the purchase, or reject the disclosure and cancel. Buyer is advised to read the report carefully, ask questions, and verify information. It is recommended that a copy of that disclosure be given to Buyerâ€™s inspector to assist in reviewing & verifying any conditions mentioned by the Seller.
Subdivision or Condominium documents:
It is advisable to get a copy of the covenants & restrictions if there is one in the area of the home you are interested in. You do not want to be surprised about any rules or regulations that you are not comfortable with. If you are purchasing a condominium or townhouse, there are a lot of documents, including budget, minutes of meetings, reserve study, house rules, by-laws to mention a few. Please take the time to read all this within the time line of your contract.
Fire and Hazard Insurance:
If you are buying a single family home, the lender wants to see an insurance binder before giving you the final loan commitment. Do not wait to the last minute to shop for your home insurance, as soon as you have a sold contract, start your search for insurance carrier. The insurance carriers are now more strict and selective. If you are buying a fixer upper old home, it may be more difficult to secure insurance.
Repairs and As Is Clauses:
In a Sellerâ€™s market, most sellers add an As Is Addendum to the contract, stating that the home is sold in as is condition. You may accept it, however, during the inspection period, you discover serious costly problems that would not have been discovered by just visual inspection and without a professional inspector. Your agent, in this case, should try to approach the Seller with a list of requested repairs, high -lighting the fact that it was not visible to a lay person, not disclosed by Seller and is too expensive to afford.
Walk Through Inspection:
The final walk thru is done within 7 days prior to recordation, preferably, the property will be vacant. The purpose of this walk through is to check that the property is still in the same condition and repair as when you first inspected it (hopefully you took some photos at that time), and that all included items are in place. If repairs are not done or delayed, get an estimate of the cost, and request that escrow withholds from Sellerâ€™s proceeds an amount equal to 150% of that estimate.
Enjoy your home
Tags: protect yourself when buying a home in Hawaii, buying a condominium apartment, what is involved in buying a Hawaii home
Kay F Osman has been assisting buyers realize their home
buying dreams for over 30 years. She can help you get the
right home at the right price.
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Kay F Osman R, CRB, CRS, GRI, SRES
Accredited Buyerâ€™s Representative (ABR)
Del Osman Realty, Inc.
Ph: (808) 523-6421 fax: (808) 523-8729
Web site: http://osman1.com