Jumping into the real estate market as a residential home buyer can be an exciting time. For most people, this is a search for a home for their family. And, for most everyone, buying a home is one of the most significant financial transactions they will ever be a part of. It is definitely something to get right.
Minding the legal aspects
Of course, sometimes the legal aspects of a home purchase can get lost in the excitement about the transaction. People might view a home and “fall in love” – and they are willing to pay any price. But, many people are also bargain hunters, with a eye toward the neighborhood and school system where the home is located. No matter the reason for your purchase, it usually starts with one critical moment: the offer to purchase.
We have all heard the terms “buyer’s market” and “seller’s market.” In short, these terms refer to which party, presumably, would have the upper-hand in negotiations. Understanding the market will help when you make an offer, but it is also important to remember other terms of the potential purchase, such as the proposed down payment, covering closing costs, timing of the move and even whether or not personal property is expected to remain in the home. The wording of your specific purchase proposal is crucial.
Closing is also a crucial moment in the transaction. Some transactions, believe it or not, actually get tripped up at the final moment. Title and financing issues can be problematic in some cases, for example. When Mississippi residents are jumping into the real estate market, getting the right legal information about the entire process can make it all go much more smoothly.