Category Archives: Real Estate

Purchasing Your First Home

If you think you are ready to purchase a home for the first time, it can be very exciting. If you are the kind of person who likes to do things yourself, you may be tempted to find a home that is being sold by the owner rather than through a real estate agency. Here are some things to think about when buying a home.

Photo by Digital Marketing Agency NTWRK on Unsplash

Do You Need an Agent?

When you go house hunting, there are lots of reasons people work with a real estate agent. Even though you have to pay the agent a commission, there are certain benefits that may outweigh the costs. If you give a detailed list of what you are looking for to the agent, he or she can help to narrow down the available homes that fit your criteria.

It can be challenging to simply drive around town looking for homes that are for sale and hoping to find one that meets your needs. An agent usually has access to home listings in your area and can quickly pull up the specifics on each location, including the listing price. Working with a local agent, especially if you are from outside the area, can also give you solid intel on things like schools and shopping.

Do You Need an Attorney

While only a few states require an attorney for real estate transactions, hiring a real estate lawyer Ashburn VA can save you grief in the long run. Your lawyer can help you as you work through the lengthy documents before you sign them and can help if you end up with a dispute. The attorney can make sure that the contract meets requirements in your state. He or she can also help you know what to do if the title search comes up with a lien or other problem.

Purchasing a home is likely to be stressful, but much of the anxiety can be relieved if you work with professionals. Working with an agent and an attorney can help you get what you want and know what you’re getting.

The Four Steps in Closing a Commercial Real Estate Deal

Closing on commercial real estate purchases involves each party being aware of their duties. There are not as many regulations for commercial real estate sales as there are for residential sales, so it is up to the buyer and seller to ensure the deal is good by going through four steps.

Photo by Austin Distel on Unsplash

1. Authority Verification

Because commercial purchases are often on behalf of a business or group of investors, there has to be a formal agreement on who has the authority to sign the legal documents that are part of the process. Property metrics explains authority verification is simply getting an agreement on who can legally sign documents on behalf of all the buyers or sellers.

2. Due Diligence

Due diligence is the process of checking out the details of the transaction. Since laws concerning commercial real estate are not as strict as those for residential real estate, there may be some information the parties fail to provide to each other. It is up to each party to make sure they understand the deal completely, including any issues, which means it may be a good idea to consult with a commercial real estate attorney Austin.

3. Escrow

Escrow is the process of paying money upfront to secure trust between the seller and buyer. There is an escrow agreement that controls the process and gives conditions to meet to come out of escrow and complete the sale. It will also cover how to back out of the deal should one party want to leave.

4. Document Finalization

The actual closing of the deal comes when both parties sign all documents and there is a transfer of payment. At that time, everything is final and the buyer takes possession of the property as the new owner.

Making the Purchase

The process of closing a commercial real estate deal is often more complex than a residential deal because of the type of property and the types of buyers and sellers involved. It is important to understand for those new to this industry.

What You Need in a Title Company

Many home buyers underestimate the importance of the title company when it comes to their purchase, especially first-time buyers. The fact is, the choice of title company can be as important as the choice you make when you choose your realtor. Why? Well, because the title company is the one who does the paperwork processing the change of title when the property passes from the old owner to you. Improperly carried out title paperwork could lack the details needed to finalize the sale properly, misreport taxes related to the transaction, or cause other problems. The right title company, though, will be able to prevent foreseeable disasters while offering you insurance against the unforeseeable.

Choosing a Title Company

If you really like your realtor, you can always ask for a recommendation. Some buyers are a little leery of this because they don’t want to court a conflict of interest and possibly wind up souring the relationship, but most of the time realtors have title companies they work with because the process is easy for the buyers and they’ve never had trouble. It never hurts to ask if you need to find a title company Ponte Vedra Beach. Finding one on your own is not too difficult, either, and you will usually find some online reviews. A look at the company’s website should also let you see if there are any customer testimonials or if the company focuses on a particular niche, like apartment real estate.

Tips for Real Estate Investors

If you are going to be buying and selling often because you’re getting into the business, it helps to find yourself a title company you can build a relationship with, for many of the same reasons it can help if you eventually pursue a real estate license. Look carefully at the options, and since you’re looking at doing business at volume, consider the cost quotes you get from each operation. A savings of a hundred dollars here or there isn’t much if someone is buying one home, but if you buy a building every couple months for a few years, it really adds up.