Regardless of where you’re located, navigating an elusive real estate deal can be easier said than done. In most cases, you have the legal side of things to deal with, the various people involved, and a plethora of other issues that can really make the entire process far more challenging than you perhaps first thought when going into the process.
In this post, we are looking at a few of the more common pitfalls you may encounter when trying to dot your Is and cross your Ts so that you can see them in advance and endeavor to avoid them when it’s time for you to put pen to paper.
Not Involving A Real Estate Attorney
Perhaps the most common but arguably most heinous (due to the fact that you are simply not trained in this industry) is not hiring an experienced lawyer to guide you through the process.
According to Dror Ostfeld over at drorostfeld.co.il, real estate agreements usually consist of many, many variables, each of which could throw a spanner in the works if not carefully considered.
Aside from the small print and attention to detail, a real estate attorney can help you with dealing with the other side, as well as aid in negotiations, often enabling you to unlock a premium or lower the buying cost, thanks to their negotiating expertise.Â
Understanding Contract Terminology Is Essential
To follow on from the previous point slightly, it is vital to ensure you fully grasp the legalese of any contract that is put in front of you.
As already stated, there are plenty of variables, and although you may understand most of them, it’s the ones you fail to understand that can really ruin your day.
Before setting up or signing any contract, you really ought to run it by someone in the know, whether that be an experienced real estate agent with years of dealing with these kinds of contracts or an aforementioned attorney whose bread and butter is dealing with the minutiae of contracts.
Failing To Conduct Thorough Due Diligence
When it comes to these sorts of deals, you are generally on your own, and it’s up to you to conduct your own due diligence to ensure that the property you’re purchasing is what you expect it to be.
In practice, this might mean bringing in a surveyor to inspect the property you wish to buy, who should bring up any discrepancies between what the seller is saying and what the reality is on the ground.
If you’re the one selling, then you really need to be whiter than white to avoid any legal issues that could arise from being less than honest in the description.
Rushing Negotiations May Lead To Mistakes
While this might not be an issue for those who have the time to sit back and take a more reactionary approach, those who are seeking a speedy sale often run into the problem that they either overpay if buying or accepting an incredibly low-ball offer if selling.
To avoid this, you need to take a step back and do your research regarding the prices of other properties in the area and make an informed decision based on the data.
Buying or selling property can be a minefield for those without the requisite experience or knowledge of how to go about the process. Hopefully, seeing these common mistakes will give you all you need to avoid the problems and ensure smooth sailing.
