Buying a home in Nevada is a major financial and legal step. It is in your interests to take the appropriate measures to ensure you protect your financial well-being. Whether you are purchasing a residential property for investment purposes or your own personal use, there are certain things you need to know before you sign on the dotted line.
Buyers should ask certain questions before purchasing, and sellers should disclose certain things about the property. It may be beneficial for you to know more about what you can expect and how you can protect yourself before buying a home that has problems. If you have already purchased a home, you will need to know what you do if you discover issues after the process is final.
What to expect from the seller
The process of finding the right property and getting through the transaction can be long, complex and sometimes confusing. Buyers are often unaware of how they can protect themselves and what they can do to minimize complications. Sellers must disclose certain information about the property, and it may be helpful for you, as the buyer, to know the following:
- A seller has to tell you about material defects in the home, which are things that can impact the value of the home or your use of the property.
- If a defect is disclosed after a contract is signed but before the process is final, you may have grounds to cancel the transaction without penalty.
- Most buyers or lenders request an inspection of the home in order to identify potential issues with the property.
If you discover issues after the sale is final, you may have grave concerns over what this means for you financially and legally. In cases of very serious defects, you may have legal options by which you can shield yourself from financial loss. If this happened to you, it may be beneficial for you to seek legal guidance as soon as possible in order to determine what options you have to recover or prevent further losses.
Buying property can sometimes mean buying unexpected problems as well. It is in your interests to be prudent and cautious as you move forward with purchasing home. You can do this by being fully aware of your rights as a buyer and knowing what to expect from the seller before you even begin this process. A first step in this process may be to secure counsel from a legal professional experienced real estate law in Nevada.