Imagine this: you’ve finally found the home of your dreams after months of searching and endless viewings. However, shortly after acquiring the title, you discover a problem with the property. Perhaps there’s a zoning issue, a title problem, or a hidden defect the seller didn’t disclose. Suddenly, your dream home has turned into a legal nightmare.
According to a recent study, 8% of new home buyers in the US made compromises on the property they purchased. This leads to about 22% of new homeowners being dissatisfied with their real estate buying experience.
Discover the five common legal issues homebuyers face and avoid them! From zoning issues to hidden defects, this blog provides essential tops for a headache-free home purchase.
Common Legal Issues Homebuyers Face and How to Avoid Them
While two-thirds of millennials in the US believe that home ownership is at the core of the “American dream,” not many of them currently perceive a favorable future for home buying. The Covid-19 pandemic caused real estate prices to skyrocket, making owning a house seem nearly impossible.
If you are fortunate enough to come across a promising real estate deal, it is crucial to review all the details to avoid legal problems along the way. Here are some of the most common problems homebuyers face and how to avoid them.
Zoning Issues
It’s important to know what you can and cannot do with the property before making an offer to ensure it meets your needs. Zoning is a set of regulations that control how a property can be used and developed. Common zoning issues include building size, setback requirements, and property use restrictions.
How to Avoid It: To avoid zoning issues, do your research and consult with a real estate attorney in Forest Hills, NY, who can guide you through the regulations. Your real estate agent can also provide valuable information on zoning regulations in the area.
Title Defects
Title defects are problems with the legal ownership of a property. They can include liens, undisclosed heirs, or boundary disputes. Purchasing a property with a title defect can hinder you from selling the property later on. Therefore, it’s important to work with a title company or a real estate attorney to ensure the title is clear before you purchase the property.
How to Avoid It: A title company can conduct a title search to determine if there are any outstanding liens or legal disputes related to the property. They can also provide title insurance, which protects you from any issues that may arise in the future. A real estate lawyer can review the title search and provide guidance on resolving any title defects before closing the deal.
Hidden Defects
Hidden defects are problems with the property that the seller did not disclose. Common hidden defects include water damage, mold, and structural issues. If you discover a hidden defect after you’ve purchased the property, you may have to take legal action against the seller.
How to Avoid It: Conduct a thorough inspection of the property before purchasing. Hire a qualified inspector to check for potential issues, such as water damage, electrical problems, or structural issues.
Consider hiring a specialist for more in-depth inspections of specific concerns, such as mold or termite infestation. The cost of an inspection is small compared to the cost of dealing with a hidden defect after you’ve purchased the property.
Boundary Disputes
Boundary disputes can arise when there is uncertainty about the property lines between two properties. This information is essential if you plan to make any changes to the property, such as building a fence or conducting A&A works. Knowing the exact property lines is important to avoid infringing on your neighbor’s property and potentially triggering a dispute.
How to Avoid It: To avoid boundary disputes, hire a surveyor to determine the exact property lines before you purchase the property. A surveyor can provide a boundary survey, which will identify the exact location of the property lines.
Homeowners Association (HOA) Disputes
If the property you’re interested in is part of an HOA, it’s important to understand the rules and regulations of the association before you purchase the property. HOAs can impose fines, enforce rules, and even foreclose on a property if the owner violates the association’s rules. Common disputes with HOAs include disagreements over landscaping, parking, and noise levels.
How to Avoid It: You may want to read the association’s rules and regulations carefully before you make an offer on the property. Consider attending an HOA meeting or talking to current residents to better understand the association’s culture and any potential issues. If you have concerns about the association’s rules or regulations, consult a real estate attorney before making an offer.
Aminov Law Group, P.C. Helps You Have a Problem-Free Home Ownership
Purchasing a home is an exciting milestone, but it’s important to be aware of potential legal issues that can arise. By taking the time to research and understand the regulations and potential issues, you can avoid legal problems that can be frustrating and costly.
If you’re uncertain about any aspect of the home-buying process, don’t hesitate to consult with Aminov Law Group, P.C. We are an experienced Forest Hill-based real estate law firm that provides guidance on the legal aspects of purchasing a home. We help our clients navigate the legal processes to ensure that their dream home doesn’t turn into a legal nightmare.