New Orleans Home Buying
It sounds simple and common sense, doesn’t it? You should always read and understand a contract before signing.
But we’ve found that when purchasing their home, people let emotions get in the way of common sense. Often, they are ready to ink their John Hancock on the dotted line without truly understanding the offer is a binding contract once accepted by a seller.
Before you sign a purchase agreement, here are 5 things you should know
Know your rights
The Louisiana purchase agreement spells out your rights as a buyer, but you have to read the entire document to know what they are. The highlights (which may be different depending on your offer) include your right to a copy of everything you sign, the right to a due diligence period, the right to have the property appraised and the right to copies of any pertinent documents such as leases and condo association information.
Know your responsibilities
Built into the contract are some buyer responsibilities. If it’s important to you to know about sex offenders, the contract provides the source of the information but it’s up to you to do the research. If zoning is a make or break item on your list, it’s your responsibility to discover this during your due diligence period. If you need a loan to make your purchase, it’s your responsibility to provide the lender with all of the documents and information they need to get you approved.
Know your reasons for cancellation
The purchase agreement, as written, does an excellent job of protecting a buyer’s interests, including giving you multiple ways to cancel the contract without losing your deposit. Can’t get your loan? You can cancel. House doesn’t appraise and the seller won’t reduce the price? You can cancel. These aren’t the only reasons to cancel, so read the entire contract to know your outs.
Know your deadlines
Time is of the essence in Louisiana contracts, so be sure you know the deadlines contained there. What’s the length of your due diligence period? What’s your deadline for loan application and/or approval? When is your deposit due? Your agent should help keep you on track, but we recommend penciling in the important dates on your calendar so you don’t miss one and risk your deposit.
Keep everything you’ve signed
You have a right to a copy of every single document you’ve signed and it’s your REALTOR’s obligation to provide it to you. At the same time, your lender will be providing different disclosures and estimates, so go ahead and create a file, either electronic or paper, as a central place to keep all of your information.
Need more New Orleans home buying tips? Check out our buyer’s library for helpful information.