|
|
|
TIPS ON BUYING A HOME
The following tips should be considered when purchasing a home: >IMAGE1}
- Before signing a binder, obtain legal advice from your attorney as what should be contained in the binder and possible ramifications. Generally, a provision should be added to make the binder subject to a satisfactory house inspection and attorney review.
- Hire an engineer or house inspector to conduct an inspection and obtain a written report before signing a contract. Among other things, the inspector should report on the structure of the house, the plumbing, heating and electrical systems (ask about aluminum wiring), the roof and the possibility of water infiltration. Also, the inspector should be asked about the presence of any asbestos, radon or mold which have become recent health issues.
- Prior to the house inspection, inquire whether the Seller has completed a Real Property Disclosure Statement which may be useful to the engineer during the inspection. In the event such a disclosure statement is not provided, the Purchaser is entitled to a $500.00 credit at closing.
- Independently confirm the real estate tax on the property and any exemptions the present owner(s) have on the property by calling the local Receiver of Taxes or Treasurer's Department. If the present owner(s) have an exemption which you are not entitled to, such as a senior or veteran's exemption among others, the taxes may be significantly higher than those presently reported.
- Obtain information regarding any additions or improvements to the house or premises requiring Certificates of Occupancy, Certificates of Completion, fire underwriter certificates, plumbing certificates and whether the Seller has obtained such Certificates.
- Obtain information regarding any previous oil tanks that have been removed or filled (abandonment) and whether the proper filings have been made, where applicable.
|
|
|
