Three Things Every New Homebuyer Should Know

If you've recently decided that the time has come to purchase your first home, you're probably experiencing a combination of excitement and anxiety. You're naturally excited about the thought of owning your own house, but if you're like most people, buying a home is the biggest financial commitment they'll ever make, and they don't want to make any mistakes they'll regret down the road. Following are just three of the mistakes that those new to buying a home may be prone to making. 

Not Going Through the Contract With a Fine-Toothed Comb

Although it's considered standard for real estate contracts to have a three-day cooling off period in their clause, it's not required by federal law. In fact, the Federal Trade Commission specifically exempts real estate transactions from being coverage by the federal three-day rule. Various states have statutes that do provide this particular coverage, but you should never assume that it's going to automatically apply. 

This is just one example of why it's essential to go over real estate contracts with a fine-toothed comb prior to making a financial commitment to purchasing a property. A good real estate attorney will go through the contract with an experienced, knowledgeable eye to ensure that your best interests are being protected. 

Not Understanding Local Mineral Rights Laws 

Another common mistake made by new buyers is assuming that they are also buying the mineral rights when they purchase a property. This is another aspect of residential real estate transactions that is subject to specific state laws -- furthermore, many states don't require it to be mentioned in the contract that the seller intends to retain mineral rights, making it possible for you to buy a home without even realizing that you don't have mineral rights to the property. This scenario is more likely to occur with properties in rural locations. Nonetheless, no matter where the home is situated, you should get the mineral rights sorted out prior to purchase in order to prevent unpleasant surprises down the road.

Not Getting a Thorough History Check on Vintage Properties

If you're like many potential homebuyers, you're attracted to the charm and the sense of history vintage properties exude. While these can be a good investment and can certainly provide a unique ambiance, you should make certain that you get a thorough history check on the property before signing a purchasing contract. This is primarily a safety issue -- for instance, a history check can tell you if old, abandoned wells exist on the property. 

For more information, reach out to a real estate lawyer at firms like Stoddard Law Firm.