Did you know that almost 745,000 homes are sold every year across the United States?
With so many homes exchanging hands, it’s crucial to get the paperwork right. If your property transfer doesn’t go smoothly, you and the buyer or seller can be hit with all kinds of trouble.
Are you wondering how it can be done right the first time? Keep reading to learn all about three mistakes to avoid with property transfers.
1. A Lack Of Property Inspection
Before selling a home, it’s important to get the property inspected by a professional. The last thing you’d want to do is have all kinds of problems crop up at the last second. In some cases, keeping things from potential buyers can be against the law.
The reverse is true if you’re buying a home. You should always go out of your way to hire your own professional who can look at every detail of the home. It’s always better to find out about shoddy plumbing or sinkhole damage before you sign on the dotted line.
2. A Missing Deed
When it comes to legal paperwork, the single most important piece of paper you should have in your possession is the deed to the house. Has a friend or family member ever asked you, “what is a deed?”
Put in the simplest terms, the deed is the document that proves you are the owner of the home. If you don’t have a deed in your name, then there is no legal proof that you even own it.
While you’re jumping through the hoops to ensure you get the deed right, don’t forget to take the necessary property registration steps as well.
3. Leaving Your Bank Out Of The Loop
The property market deals in thousand upon thousands of dollars every day. However, that’s no guarantee that your bank is going to allow you to transfer $100,000 from your account like it’s nothing at all. Not being able to pay the original homeowner can turn out to be a huge problem, especially when there are other buyers scrambling to get their hands on the perfect home.
The easiest strategy is to call your bank ahead of time and explain to them that you’re interested in buying a home in the near future. They can tell you which steps are necessary so that the funds are transferred without limits or blocks. That way, you can have peace of mind knowing no other buyers will steal the home from you.
Are You Ready To Handle Property Transfers?
Now that you’ve learned about three mistakes to avoid with property transfers, you can make sure everything goes without a hitch. After all, one mistake could cause an avalanche of headaches that aren’t worth your time.
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