Purchasing Real Estate - the Easy Way vs. the Hard Way
Real estate can comprise some of the most powerful investments you make in your lifetime. That’s why it’s so important that you understand exactly what you get yourself into with every purchase.
But there are easy ways and hard ways to purchase real estate, which anyone experienced in the field will tell you. The easy way to make a real estate purchase is to rely on time-tested legal forms that apply to your specific situation, guaranteeing a quick and relatively easy transaction.
The hard way? Well, let’s put it this way: the hard way involves unclear documentation, unwritten contracts, and a lot of legal mumbo jumbo.
You need to avoid the hard way. Here’s how.
Getting Everything in Writing
There are a number of ways to get your real estate purchase in writing because there are so many different ways to actually acquire real estate. So it’s important that if you’re starting out in this new field of endeavor, you need to consult with experienced experts who can point you in the direction of the right forms to use, the right contracts to sign, and the right paperwork to file.
After all, getting everything in writing does compromise the core premise of purchasing real estate the easy way. Having everything in writing doesn’t necessarily make an agreement much more ironclad than a verbal agreement – but it does, for all intents and purposes, provide just that. How? Because a written agreement also doubles as proof of the agreement. It’s hard to get more ironclad than that.
That’s the easy way to purchase real estate: get everything in writing. But there’s one type of situation you’ll want to avoid…
Common Pitfalls to Beware Of
Although having everything in writing seems like a single, one-stop principle to ensuring every real estate purchase works smoothly, remember that not all paperwork is created equal. There are some written contracts that might promise you the sale of the property – but don’t necessarily promise that the person selling you the property even owns the property. In other words, you need to match the paperwork you’re using with the specific situation you face.
That’s why you’ll want to know the individual uses of forms like quitclaim deeds and every other piece of paperwork you come across in the real estate field. It might sound like a lot to study at first but believe us – it will start to make sense as you draw the distinctions between each type of real estate form that you use.
If this sounds like the “hard way” to buy real estate, you’re not looking at things from a long-term perspective. Sure, doing a lot of research to ensure that all your paperwork is on the up-and-up is time-consuming at first, but it will lead to a lot less headaches in the long run. If you remember that medicine doesn’t always taste good, you can prevent yourself a lot of potential future troubles. Get the paperwork right and your real estate purchase should go off without a hitch.