A home is often the largest purchase an individual or family will make. For this reason, a Louisiana homebuyer may want to take steps to protect his or her interests during the buying process. One way to do this is to add contingencies to the purchase contract, which is akin to attaching strings to the deal.
Most potential buyers walk through a home that is for sale and see nothing but good things. Unless they have some expertise in home inspections or realty, it is easy to miss deficiencies that could cause issues for a buyer in the future. Putting a satisfactory home inspection contingency in the purchase contract could give that individual the opportunity to back out of the deal if the inspection reveals significant issues.
The ability to obtain financing could also be a contingency. A preapproval does not necessarily guarantee a successful mortgage loan process. The appraisal of the property could reveal that it is not worth the sales price. Problems with the title search could prevent a potential buyer from actually owning the property free and clear. These are some of the issues that could be covered by contingencies in the purchase contract.
Understanding the potential pitfalls of a home purchase could save a buyer from ending up with major issues. Louisiana residents looking to buy a home may want to avoid simply signing the purchase contract put in front of them. Realtors are often not lawyers, so trusting they are looking out for the buyer’s best interests could be a mistake. Working with a real estate transaction attorney could help make sure that appropriate contingencies are included to protect the purchaser’s interests.