MEDFORD, OREGON, UNITED STATES, November 24, 2021 /EINPresswire.com/ — Rick Hawley has worked in real estate for many years and understands the importance of proper legal protection. If you don't take the steps listed below, you could make mistakes that disrupt your purchase and could even cause you real financial and legal concerns. Thankfully, it isn't too hard to get through these steps.
Steps Rick Hawley Police and Others Take to Protect Real Estate Purchases
When investing in real estate of all types, it is vital to take various steps to minimize potential legal troubles. Unfortunately, many first-time buyers or sellers may not know how to handle these fairly basic steps and could get in serious trouble. Let's walk through this process with Rick Hawley to learn more about what to expect.
Mortgage preapproval requires you to work with a lender to understand what kind of loan you can receive. While you may try to skip this step in some situations, it is rarely legally wise to do so. Most lenders won't provide you with a loan unless you get preapproved. Any sellers who do may be working in a questionable legal arena. You may want to avoid them to ensure that you don't get into any trouble.
After this step, Rick Hawley strongly suggests sitting down with a real estate law professional and examining your purchase offer. Go over every step of this offer with the lawyer to make sure things are correctly legally prepared. If you do not, you could end up in a problematic legal situation. For example, even a missing word or two could invalidate a purchase offer and make you lose out on a deal.
It is during these early negotiation phases that you need to watch your back the closest. Terms like earnest money (how much you can commit to completing the sale) and contingencies (a deposit that protects you if the deal goes wrong) must all be agreed upon before you continue. Please don't go on a verbal or handshake agreement: get everything in writing and notarized to make sure it's binding legally.
Notarization may seem excessive to some people but is a crucial step to take seriously. Rick Hawley states that notarization provides a legally binding status on paperwork. It proves that these details were approved by everyone involved in the deal and offer a legal seal confirming this agreement. In this way, notarization is a critical part of the real estate process.
Make sure that you have a lawyer and a notary available for your home inspection, contingency planning, title insurance, mortgage closing, deed transfer, and filing steps. A lawyer will make sure that everything is executed correctly with minimal challenges. You may also want a secondary independent legal team who can double-check your work and that of the seller to minimize confusion.
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Source: EIN Presswire