The home buying process differs from individual to individual, but from property to property. If you are a current homeowner with plans to purchase a second home or additional property, you will learn this information firsthand. Fortunately, it does not have to be an impossible process to navigate. With the help of an attorney, your dreams of owning a second property can be easier to achieve.
With a property purchase comes several costs. So, when possible, the ability to save money is welcomed. While sellers set prices for the sale of their homes, these figures are rarely final. There is almost always room for negotiation.
Real estate attorneys can serve as negotiators during these transactions to persuade the seller to lower the purchase price based on the market or assessed value of the home. In addition to negotiating a lower purchase price, an attorney may also help obtain more favorable closing costs or additional perks with the property, such as a seller-provided home warranty plan.
Proper Fee Prorating
While some home-buying fees are adjustable, there are certain fees that simply cannot be changed and instead must be shared between the seller and the buyer, appropriately. Some of these fees include property taxes and homeowners' association fees.
One role attorneys play is ensuring buyers are not left with more than their legal share of these costs, which is especially important for second-time buyers who already have another property they are financially responsible for. To ensure these expenses are split properly, the attorney reviews all fees due and prorates them according to the date of legal ownership.
Once a closing date has been set it is important everything remain on track, but it is often especially important when it comes to a second property purchase. Buyers often purchase second properties as investments. Whether it is an investment for a rental property, a vacation share, or anything else, the goal is to close and get the home on the market as soon as possible to recoup some of the money spent during the buying process.
When closing is delayed, it can threaten the entire deal, which can mean that the buyer losses out on the money they have already spent, or at the very least significantly delay the process.
Ensure you are protected when you purchase your additional property by speaking with a real estate attorney to assist you with the process.