Purchasing a home is the most important investment most people will ever make. Owning a home can be a substantial wealth-builder. In most cases, you make affordable payments toward purchase each month, unlike renting, where the monthly payment can appreciate substantially each time the lease is renegotiated.
You can choose to live in your home, rent it for income, pass it down through family members, or fix it up and sell it for a profit. If you are making your first home purchase or have owned homes throughout your life and wish to buy or sell, speak to an experienced attorney at Sparks Law. An Alpharetta residential real estate transaction lawyer can advise you and help you pursue your best interests.
Purchasing residential real estate is more complicated than finding a home, shaking hands with the seller, and moving in. All real estate transactions must be written contracts. Sellers must avow that they own the property and that there are no liens other than a potential mortgage, which will be paid off when the new owner purchases the property.
New owners must have decent credit and earn enough to make the monthly payments on a new mortgage. Buyers must provide extensive paperwork such as federal tax returns, pay stubs, bank statements, lawsuits, and bills to prove their debt-to-income ratio is low enough to afford a mortgage.
Buyers will also want to have the property inspected for unforeseen problems that can be costly to fix. For instance, if appliances are included in the sale, they should be in working order. An Alpharetta real estate attorney could review the residential seller’s contract, guide a buyer toward reputable financing, make sure the deed and title are in order, and negotiate after inspections if problems arise.
A residential buyer who purchases a home that is leased to tenants will want a real estate lawyer to explain how the change in ownership affects this arrangement. If the tenants are current on their rent and are not breaking any covenants of the lease agreement, the tenants will likely have the right to remain in the home for the lease term. Even if tenants rent month-to-month, a new buyer may end up in court trying to have them legally evicted before taking possession if they refuse to move.
It is important that a new owner understands the lease agreement. For instance, a lease may contain provisions for termination if the property is sold, and what rights a tenant has in Georgia. A residential real estate transaction attorney at our Alpharetta office can explain the lease agreement, answer any questions a new owner may have, and spearhead an eviction if necessary.
Residential property mortgage rates have been historically low for several years, but that may not remain the case. Buyers with rates above five percent may want to refinance their mortgages while rates are low. Refinancing entails paying off an old mortgage as part of the process of securing a new one.
Refinancing is much like applying for a new mortgage. However, if the homeowner uses the same mortgage lender for both transactions, some requirements might be excused, such as a new appraisal if there is a lot of equity in the home. Residential property prices have recently skyrocketed as the supply of available homes is less than the number of potential buyers.
Before attempting to refinance a home, homeowners would be wise to consult a nearby real estate lawyer who focuses on residential transactions. Some mortgagors charge a penalty for paying off a loan early. Like the original mortgage, credit and debt-to-income will factor in. A skilled local attorney could work to negotiate lower closing costs or argue that some residential property transaction requirements should be waived, such as an inspection or appraisal.
If you are buying, selling, or leasing a home, let the legal team at Sparks Law guide you through the process. Our Alpharetta residential real estate transactions lawyers are skilled at drafting contracts, negotiating with mortgage lenders, reviewing deeds and titles, and advising on legally evicting inherited tenants.
Call our office to arrange a consultation with our knowledgeable attorneys today.