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How to Protect Yourself from a Real Estate Transaction in Anchorage

Preparing to sell your home or buying someone’s home can be a very stressful experience. By conducting due diligence about current real estate trends, understanding the selling and buying process, and knowing your legal rights as to the property you’re selling or buying, you can avoid many issues that plague other buyers and sellers. For most people, a home is one of their most important assets, and it is vital to protect it and yourself as well. The following are several things you can do to have a smooth process.

Conduct Due Diligence on Any Property You’re Considering

Due diligence is when the buyer gets a home inspection, investigates potential pitfalls and issues with the property their interested in, including the neighborhood. It is also the process of understanding whom owns the property and title, if all taxes and liens have been paid, what home improvements have been done on the Anchorage property, if there’s access to any access roads, etc.  In essence, it is being cautious and taking the time to review the situation and any documents before purchasing the property.

Understand Earnest Money


In addition to conducting due diligence, you will have to leave a deposit you’re your offer. Earnest money is a good faith deposit that demonstrates your seriousness about purchasing the property. In most cases, the realtor deposits the cash into a trust account and these initial funds are only distributed once the property is closed or if the buyers opts out of the deal.

Choosing a Good Lender

Financing is a crucial part of the property buying procedure, so it is always a  good idea to enlist the services of a professional and honest lender. They should be clear on their underwriting process and be open about their rates and fees. They should also explain the appraisal and underwriting process.

Hire an Experienced Real Estate Attorney 

Before signing any real estate contracts, it’s crucial to hire a qualified and experienced lawyer to review the documents involved. By doing this, you will get a clear understanding of your responsibilities and rights, and it will prevent problems in the long run. For instance, a competent legal expert in Anchorage  can help draft a mutually-beneficial sales contract, an attorney can assist you the disclosure of accurate issues, address any environmental concerns, and assist you with any false advertisement issues. They can also handle negotiations about any sticking points that may require legal intervention. An Anchorage attorney can explain the complex buying and selling real estate process so that the purchase of your property and closing goes smoothly.

Conclusion 

In conclusion, the success of every real estate transaction depends on many variables. However, if you conduct due diligence, understand the earnest money process, hire an attorney to oversee the process, choose a good lender, you will avoid major issues during Small problems can arise which might lengthen the whole process, or a major problem may derail the entire transaction altogether. Having the guidance and support of an experienced real estate attorney in Anchorage can be essential to ensure the rights of a seller or buyer are protected during the buying or selling process. To obtain a competent legal professional who will walk with you throughout the entire process, you can visit the professionals at The Law Offices of Dattan Scott Dattan.

 

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Law Office of Dattan Scott Dattan

2600 Denali Street, Suite 460
Anchorage, AK 99503
Toll Free: (907) 276-8008 Anchorage Law Office Map

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