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TIPS ON BUYING A HOME
The following tips should be considered when purchasing a home:
- 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.
The above outline is not intended as an exhaustive analysis of the subject
but merely identifies and discusses some of the pertinent issues involved
which may or may not apply to an individual situation. You should not attempt
to interpret or apply the laws or principles involved without the aid of an
attorney who should be consulted before making any decisions in the area of real
estate law.
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