Buying a home is an important milestone in anyone’s life. Whether you are buying your first house, the home that you and your spouse own together or a vacation condo in Florida, it is an event to be proud of. However, you have to make sure that your purchase adheres to state and federal laws. What are some of the legal requirements to buying a home?
You May Need the Assistance of a Lawyer
Some states require that you use a lawyer when closing the deal. Your lawyer will make sure that the title is clear and that you understand the obligations that come with paying a mortgage and owning a home in general. As many lawyers may offer real estate services, you may be able to save money by shopping around.
You May Need to Submit to a Background Check
A lender may need to verify who you are as well as the source of the funds used to buy the home. This may be true whether you are using a government loan or are trying to get a traditional mortgage. A background check is done to ensure that a real estate purchase is not an attempt by criminals to launder money. It also ensures that an investor doesn’t use someone else as a front to purchase a property.
Tell Your Realtor About Your Obligations
Before you start looking for a home, you may want to talk with a realtor about the steps required to purchase a residential property. Some professionals, like those at Foxfire Realty Inc., will know what to do to help you through this process. He or she may also be able to supply you with any forms that you need to fill out or tell you what to bring when you close on the property.
You May Need to Meet Loan Qualification Standards
If you borrow using a government loan, there are minimum standards that you must meet to get the loan. For instance, you need a minimum credit score, a minimum down payment and proof that you haven’t filed for bankruptcy in the past year or two. Individual lenders may impose additional standards on top of those imposed by the government.
While buying a home may be a complex process filled with rules and regulations, your attorney and real estate agent can help guide you through it. Before you know it, you will be handed the keys to the home and starting the process of moving in to what is officially your property.
Author’s Information: Bio: Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook.