Articles by William KingWhen stepping into a real estate transaction as a buyer, you have some rights to start with, and because it involves a very considerable amount, you should make the most of them. Most real estate buyers are quite uninformed about their privileges. Even if you engage some real estate agent to deal on your behalf, you cannot afford to be in dark about these rights.
Information & Inspection:
Property buyer has the right to get hold on all the information about property; similarly he/she can inspect (or hire some house inspector to examine) the house condition and look over into the issues like how much repair work is considered necessary? Does it has all the necessities like clean water or electricity, how old is the building or what sort of material is used in construction? House owner cannot object or refuse these inspections in any case. Also, you can opt to double check all the information provided by the seller for your own satisfaction.
No inequity:
Myth is that property owners (or sellers) have the right to turn down any buyer who’s interested in their property on any grounds. These rejections are normally on discriminatory basis and some of the well known reasons are race, religion, marital status, or color … the truth however is that no real estate agent or property seller has the right to demonstrate any such injustice. There are laws like “Fair Housing Act” or “Rehabilitation Act of 1973” to prevent all types of discrimination in United States.
Privileges regarding financial matters:
First of all, you are free to choose the funding option of your own liking; seller cannot press you to go for some specific source. When you go to a lender, he/she is obliged to present all terms and conditions without any ambiguity to the borrower (declared in “Federal Consumer Credit Protection Act“). As in the case of house inspection, you can hire the services of some attorney to look into the terms of loans and advise.
Buying Agreement:
The form of buying/binding agreements varies, but in general it is a written agreement signed by both parties, if some mortgagee is also involved then the paper work is supposed to be a little more complicated. Another noteworthy authority that buyer has is the “cooling off” period that is a span of some days, during which you can drop your decision and cancel the deal for any reason.
These are just some of the rights and privileges that you retain as a property buyer, for an all-inclusive list, you should consult some real estate attorney in your area.