The
home buying process seems like an exciting task. It mostly is but it
can also be a source of stress. If you don’t know what you are
doing and you are not guided properly, your home buying process can
end up in a disaster.
Here
are some common home buying disasters you would want to avoid:
1. The
seller getting away with your earnest money.
This
can happen when the sale does not push through such as when you don’t
get your desired loan or when you were not able to sell your current
house prior to the deadline provided by the seller of the new house
you are buying. The earnest money is something buyers use to assure
sellers that they are serious in buying. This is a large amount of
money that the seller might keep if the sale does not go through.
This is why you need to consult a Real
Estate Lawyer in North Vancouver
before agreeing to a contract that will involve the use of earnest
money.
2. Mortgage
loan being cancelled at the last minute
The
mortgage company can cancel your loan when they do one last check and
they found out you incurred a big debt. Avoid using your credit card
to acquire a big debt right before you have finalized your house
deal.
3. Buying
a house only to realize it has a lot of undisclosed problems.
Here
is another problem that a real estate lawyer in North Vancouver can
help you with. The seller should make full disclosure or legal
actions will be taken in case a bad housing issue pops up during
inspection.
Real
estate law firms such as Lakes,
Whyte LLP
can help you avoid these disastrous situations in the home buying
process.
