The Importance of Inspections and Disclosure in Real Estate Law

Whether you are buying or selling real estate, it is critical that you have the property inspected and that you disclose any issues that are required by law to disclose. For example, you may be legally required to disclose lead, asbestos or other toxins in the home. Failure to do these things can result in fines or other issues. However, it isn't always easy for real estate buyers and sellers to know what they need to do. Hi, my name is Mary. I have been investing in real estate since the week after I left uni. I love it, and I have learned a lot along the way. I want to help and inform others so I decided to make this blog. I hope you find it useful.

Is a Discount Broker Right for You?

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You may need the services of a real estate agent if you want to buy a property. The degree to which you require his or her services will depend on several factors (such as your experience in finding the best home for your needs). Under normal circumstances, a buyer's agent takes part in all steps of the process (such as searching for a home, negotiating the sale and helping you to get financing). However, you can also hire a discount agent so that you only pay for the specific services that you would like him or her to perform for you. This article discusses some pros and cons of opting for a discount broker.

The Pros

You can make some monetary savings. Discount brokers can be an avenue for you to make some savings when you buy a home. For instance, you will only pay them for the specific tasks that they perform (such as helping you to negotiate the terms of purchasing the home you have selected). This approach may be more affordable than paying a lump sum that may include services that you do not need (you may already have financing, for example).

You can develop your home-buying skills. The use of a discount buyer's agent gives you an opportunity to develop valuable skills that are required during the home-buying process. For instance, you will be able to learn how to source for financing on your own in case you choose to perform that task yourself. That skill will help you in future transactions since you will know the steps to take in order to secure funding for a home purchase.

The Cons

You may take longer to conclude the purchase. Real estate agents have extensive knowledge about what needs to be done at every stage of the buying process. This enables them to speed the process so that it is concluded quickly. When you opt to hire a discount agent, you take on several tasks in the buying process. Some of those tasks may be more difficult than you had thought they would be. For instance, you may have thought that it would be easy for you to negotiate with the seller. However, the negotiation process may take long because you lack adequate legal knowledge to push for favourable terms. This prolongs the process as you keep raising new issues when the process is nearing conclusion.

You may not save any money. Some jurisdictions include the agent's fee in the price paid for the home. Consequently, your decision to avoid using an agent fully will leave the commission to the agent of the seller. The savings can only be realised if each party to the transaction pays his or her agent directly.

As you can see, it may be better for you to engage a buyer's agent so that you have an experienced person to act on your behalf. His or her expertise will save you from incurring unnecessary costs arising from mistakes you make due to inexperience. Contact a local professional, such as one from Aus Property Professionals, for more information. 

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12 November 2015