The home buying process is seldom simple. Before you buy a house, the home buyer must work with several real estate professionals who will facilitate the different stages of the home purchase. Experienced Calabasas real estate lawyers, for example, can help ensure that negotiations between home buyers and sellers are indeed under federal housing and state law.

Owning and Buying a House

There is so much more to real estate transactions than knowing the down payment, monthly mortgage payment, or interest rate. Even making payments until the agreed upon purchase price is completed is just one of the many obligations that you have to worry about. Here, a significant amount of money is involved. Yes, you are obligated to make mortgage payments each month. On top of monthly payments, however, you also have to make real property tax payments and pay your mortgage insurance premium, among others.

When buying a new home, there are ways to make sure that the real estate professionals you are working with really know what they are doing. This article will cover:

– Real estate brokers and agents

– Mortgage loan lenders

– Escrowed funds

– Home inspection

– Legal help from a trusted local attorney

Negotiate only with a licensed real estate agent or real estate broker

Processes Involving Real EstateWhether you are a first-time homebuyer or seller, it important to proceed with homebuying only with licensed real estate agents and brokers (or realtors, if you know one). Look for someone who has access to the multiple listing service and is dedicated to helping you. Although there still is a long way to go before closing documents checking and real estate settlement statement, things are less complicated if you begin with trustworthy real estate brokerage.

Get a mortgage loan from a lender with clear requirements and monthly payment terms

An aspiring homeowner should only enter a negotiation with mortgage lenders who can provide clear paperwork on what you intend to borrow. A real estate transaction involving a home loan can be tedious and lengthy. However, if the buyer fulfills the terms set by the mortgage company for the home loan and starts preparing for the closing process, the new home is in sight. A smooth transaction with lenders will allow you to quickly work with the closing agent and title insurance company. This would mean that the escrow fund may easily be used to settle estate closing costs. Consult with a reliable Calabasas real estate attorney to know more about this.

Work with a competent escrow agent or escrow company

The escrow process is meant to protect all parties, for escrow accounts involve a third person or neutral third party. An earnest money deposit is usually placed in escrow by the borrower and is held by a third party to reduce risks associated with buying a home. When transacting the home sale, the escrow deposit is held in escrow until conditions are met by both parties. Escrow funds help ensure that both home buyer and seller get peace of mind and an additional level of protection. As such, to get your real estate investment as hassle-free as possible, it is important to work with the right people.

Get the services of a qualified home inspector

While most home inspectors do their job well, it cannot be denied that some carelessly miss major problems. In contrast, some would specifically look for minor defects that they would offer to fix for a fee. Since the industry is not stringently regulated, it is important to get the professional assessment of a trained and insured inspector. Look for home inspectors who will provide a written guarantee to back up the findings, and avoid those who are also part-time contractors to prevent any conflict of interest. Get someone with insurance coverage that includes general liability, errors and omissions insurance, and worker’s compensation. If possible, only get the services of a real estate professional with a yearly certification from a reputable training institute. 

Consult with credible Calabasas real estate attorneys

Generally, after real estate brokerage and borrowers’ obligations, money must be deposited into an escrow account by the homebuyer to show to the selling real estate that he or she is serious. However, borrowers must likewise be protected. A hands-on Calabasas real estate lawyer can help homebuyers avoid scams, look into down payment or principal and interest, and walk through escrow instructions. He or she can help explain in detail funds in escrow, a good faith estimate, and the homeowner’s insurance policy.

For clarifications on the above or for questions on mortgage escrow payment, appraisal and appraiser fees, contingencies and closings, or real estate taxes and insurance payments, give us a call. Consult with reliable Calabasas real estate attorneys at Moschetti Law Group for legal help and assistance.

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