Question: Is it necessary to have an attorney when I buy a house?

Answer: An attorney is required to complete real estate transactions in some states. Others do not require an attorney to handle them. The majority of home buyers are capable of handling a routine purchase contract. The home buyer should be sure to read the fine print and understand all the terms of the contract, being clear on any terms of contingency which would allow them to cancel the contract.

If any questions arise that you are not sure of, it would be wise to consult an attorney to avoid future legal problems. When looking for an attorney, ask around or ask your real etsate agent to recommend some. Compare fees and experience of several different ones before choosing.

Question: Do sellers have to disclose the terms of other offers?

Answer: No they do not. Sellers are not legally indebted to acknowledge the terms of any other offers to prospective buyers.

Question: Will a neighbor problem reduce the value of my property?

Answer: No, it may not reduce the actual value of your property, but a junked up yard next door can make your property look less attractive to a buyer. Legally, there may be something you can do about this. Check your local laws at the library or city hall.

Question: How do I get the real scoop on homes I am looking at?

Answer: Your agent's experience, seller disclosure and home inspections will help. Disclosure do vary state to state, however in some states, the law requires the seller to complete a real estate transfer disclosure statement. This includes, for example, what apliances will be left in the kitchen, type of heating, water supply etc.

Sellers are also required to let you know abt any significant defects or problems in the home's major systems. The statement also asks sellers to point out the presence of any environmental hazards, rooms additions or repairs made without the necessary permits or that are not in compliance with building codes, etc.

You also will want to be sure to ask any questions about anything that is unclear to you or that does not seem to be answered properly by the forms provided to you.

Question: Whose obligation is it to disclose pertinent information about a property?

Answer: The seller is obligated to disclose this information in most states. Under strict laws your agent and yourself are required to disclose all facts materially affecting the value or desirability of the property which are known by or accesible only to you. These may include: homeowners association dues, whether or not rooms added or work done on the house meet local building codes etc, neighborhood nuisances, a death on the property within the last three years and zoning ordinance or association rules.

Question: What are the standard contingencies?

Answer: The majority of purchase offers include two average contingencies: a finance contingency, which makes the sale dependant on whether the buyer is able to obtain a loan from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.

A buyer can forfeit their deposit under certain circumstances, such as backing out of the purchase due to a reason not stipulated in the contract.

The purchase contract has to include the seller's responsibilities, such as passing clear title, maintaining the porperty in the present condition until closing and making any repairs to the property that were agreed upon.

Question: What repairs should the seller make?

Answer: A seller should make all minor repairs and selected major repairs before going on themarket if they want to get top dollar. Just about all purchase contracts include an inspection clause, which allows a buyer to back out if numerous defects are found or negotiate for their repair.