Buying a home is definitely exciting, but the process is not without its hang-ups. While most people are aware of common closing day issues, including unpleasant discoveries during the final walk-through, many other things can also go awry.
Realty Times explains a few of the more offbeat legal problems that can pop up when buying a home. Being aware of these problems allows you to take the right steps to remedy them, should they arise during a real estate transaction.
Disputes about boundaries
Even if it is not required by your lender, you are encouraged to have a survey performed upon buying a new home. A survey ensures you have solid proof of where your property ends and neighboring property begins. While this might not seem like a major issue, boundary disputes are very common, particularly when a homeowner is adding on to their property. Having a survey performed on a new home stops your neighbor’s from making false or erroneous claims about property lines.
Ownership issues
Buying a unit in a larger building, such as a condominium, comes with its own set of headaches. In this case, strata titling is crucial, as it provides a clear-cut answer on what you do and do not own. For instance, strata titling will state that you own the unit within the larger structure outright, as you would any other property you purchased. However, it also specifies areas of combined ownership, such as driveways leading into the building.
Hidden problems
You expect seller’s to be upfront about a property’s condition, but this is not always the case. Requesting a seller’s disclosure is highly recommended, as it provides information on any problem areas of the home. Keep in mind that the seller’s disclosure only covers problems that the seller is currently aware of. If you move into a home and discover major foundation issues, the seller can only be held accountable if they were aware of these issues prior to the real estate transaction.