Living in America, everyone has a desire to own a house. Although home sales services often have real estate brokers acting as intermediaries for the two parties, the procedures for buying and selling real estate under US real estate laws have many complicated aspects. Here are some important things outlined with the aim to help foreigners understand well to avoid the problems or disadvantages that may be encountered in the purchase of a home.
When introduced by a real estate agent to see a house and feel satisfied, the person who intends to buy (referred to as a buyer) should pay attention to the following five important details:
First, it is necessary to ask for details about the property, including exactly what, apart from the wide and narrow houses, it is necessary to list it
items to be left such as lighting systems, curtains, stoves, refrigerators, washing machines, dryers, etc. Many times brokering directions
see if the house has many items that are not clear, when it comes to accepting the house, the seller will take it away.
Secondly, it is necessary to find out whether the surrounding neighborhoods have security, tranquility and notice that houses are preserved
good maintenance or not.
Thirdly, the affected housing area is affected by the federal and state development programs
or the locality goes through, for example, developing roads and bridges for example.
Fourth, you should hire a home inspection to see if there is a problem to fix or solve.
Fifth, ask if the current property tax amount is paid for after purchase, there will be differences or effects to pay more.
Buyers have the right to bargain at a lower price than the seller requires and also have the right to change their mind before the seller accepts. However, it should be noted that when the seller approved the proposed price, they were obliged to pay commissions in advance with the broker, so if the buyer did not buy the price again, the seller had the right to sue buyers for court to claim compensation for the money. On the contrary, after accepting the sale, but changing the mind, the seller still has to pay the commission to the broker without affecting the buyer. These conditions depend on the broker’s contract on both sides so both the seller and the buyer should be cautious when signing the first document with the intermediary.
When the buyer and seller after negotiating to agree on the price will usually establish a binding document (binder). This is an initial contract before the official closing date of the sale sale contract between the two parties will be set up at a title company. The binding document includes the address of the house, the names of the people who contact the seller and the seller, and the sale price agreed with the proposal of funding for the loan and the conditions of purchase and sale. In this contract, the buyer needs to place three important conditions in order to have the right to terminate the negotiation and get back the full deposit (usually between 1% and 3% of the purchase price):
First: do not borrow money to buy houses according to the words in the signed limit.
Second: discover that the house is severely damaged or has a peripheral hazard unannounced.
Third: discover serious shortcomings that were not disclosed before signing.
Newly-first-home buyers should know what they intend to buy, first of all the house violates the rules that require the area to be repaired or repaired, secondly from the owners’ lives many years ago that had been Environmental pollution issues such as containing or disposing of government chemicals listed in the toxicology list, the third house in a state of unsafe for those who have to step into the home territory like a manhole cover After the garden, the fourth in the contract has terms depending on the difficult or unsuitable event, the fifth whether it is possible to pay the monthly payment on time so that it can not be lost later, Friday whether to see the text. land autonomy has a non-transparent problem before signing the documents. It is common to own a property owner to buy two types of liability insurance and title insurance to cover all possible risks to your property.
In addition to the above in the binding document, there must also be a condition of ‘matching the inspection contingency clause’ which means that the defects discovered when considering the house shall be repaired by the seller. good. Minor problems such as leaking bath faucet, loose door handles negotiate for the seller to correct. Larger damages such as inadvertent air conditioning systems or violations of construction laws require legal embellishment before purchase. To be entitled to cancel the contract and demand the full amount of the deposit, specify the condition or the seller or must fix it before handing over the house or reducing the money for the buyer to fix it himself.
The term of the binding document from the time the buyer writes the deposit check to the date of the actual closing of the case pays the full purchase and the seller is called the “set time period”. usually lasts 30 to 90 days. Sellers or brokers often withdraw cash less often to keep a check for a long time and will deduct the amount of money deposited into the home purchase on the closing date, then if the buyer changes his mind and no longer buys, the seller has the right to not return except for the reasons for the deposit refunds stated in the contract, the first depends on financing contingency, the second depends on inspection contingency, and the third depends on the seller’s intention and ability to confirm ownership transfer (confirm a title) a legal house that is not damaged.
The term depends on the loan that allows the buyer enough time to find funding to approve the loan, and the clause depends on the test results to allow the buyer to hire professional staff to carry out the review. House. The title of ownership transfer confirmation helps buyers get a report of the title of the house. As soon as this document is received, it is necessary to read it carefully, it is better to ask a professional lawyer of Property and Real Estate Laws to carefully examine it to find out if there are serious problems that could cause the house to be in love. the state of sovereignty is not transparent; buyers must know for sure that they spend a large amount of money to buy a good house that can be marketed, not to buy a house that is disputed or has a problem. In the đặt set period ’, it is necessary to find out the proper purchase and sale of the house in accordance with all state and local laws, and to find the necessary insurance that compulsory funding is required. Finally, a broker mandates to arrange a final date with the seller or agent to visit and inventory the house the last time before the official signing date of the purchase record at an existing lettering company. fully representative of the two buyers and sellers and intermediaries to sign, give money and receive house keys.
One last important thing for homebuyers is to buy a vacant house, which means the house does not have a resident when signing to receive the house to avoid falling into the status of ‘stay in seller (holdover seller). That is the owner who has signed the sovereignty and those who live in the house whether the landlord, relative or hiring person do not move immediately. Don’t be soft to hear them begging ‘to stay for a few days to arrange a new residence’ that ‘money loses’ because even though it is a new owner, the expulsion of a family must have a court case. It is very troublesome, before the law, to pay damages to the deported ‘victims’ and pay for the costly cleaning costs. Therefore, 24 hours before signing to the house name, it is necessary to control the empty house condition. If you find that the previous owner has not moved out, it is required to postpone the signing because once the buyer has signed the contract, the buyer will no longer have to exert strong pressure on the former owner to request the vacant house as before.
Just as usual, the writer would like to confirm the content of the series to understand this law only completely used with informational information (information) that helps readers some basic general knowledge of Chinese law. Period only and can not be considered as a lawyer contact with an attorney-client relationship. So if there is a law-related issue, you still need to discuss it with a professional lawyer about your case.