Don't Get Distracted in The Excitement or Fog of Home Buying
By John Voket
Once a prospective purchaser has found a house that seems to be “just perfect,” the tendency is to want to close the transaction right away and move in. But before you are lost in the fog of buying a new home, heed this valuable advice from the Piedmont Regional Association of REALTORS® (prar.com).
Before buying - STOP! Don't get swept away with the excitement of the moment before asking your REALTOR® about:
Condition of the house – A Seller’s Property Condition Disclosure form is required on most residential real property. This form must be furnished to the buyer before making a written offer, and can be utilized during the inspection of the property as a “checklist” of items to review. The money spent for an inspection may be a wise investment. If obtaining a loan, most lenders will require a survey.
Zoning Restrictions – Zoning is established by local government and designates the type of buildings and how they may be used, such as: residential, commercial, and industrial.
Restrictive Covenants – These are private agreements that restrict the use and occupancy of real property. Such things as the purpose of the structure to be built, architectural requirements, setbacks, size of structure and aesthetics are only some examples. Contact the Register of Deeds or Town Clerk to obtain information.
Taxes – Determine estimated property tax and any special assessments regarding roads, streets, sewers, electrical, etc.
Easements – An easement is a right or privilege one party has to the use of another’s land for a special purpose consistent with the general use of the land. Easements are commonly given to telephone and electric companies to erect poles and run lines, as well as gas and water companies. Other easements can be given to people to drive or walk across someone else’s land.