Buying a house is a significant decision. As such, there are numerous tools that you and your attorney can use to protect yourself if something goes wrong during the buying process. To take the necessary precautions, you would include contingencies in your Agreement of Sale. A contingency is a condition that must be met before you can complete a purchase. There are many different types of contingencies that you and your attorney may choose to include in your agreement, one of which is a title contingency. 

What Is a Title?

A “title” in real estate refers to a property’s record of ownership. Not only does it contain details regarding past owners, but it will also include liens or judgments made against that property. In most cases, before you buy a new home, your attorney will examine the property’s title to make sure it can be properly transferred to you. 

Not all that long ago, if a prospective home buyer wanted to get a feel for a listed property, his or her only options were to schedule an appointment or attend an open house. In short, the buyer needed to physically visit the home. Over the last several decades, improvements in the convenience of photography and digital technology have made it easier for people to visit properties online before deciding to see the home in person. Today, many real estate companies have taken the next step in marketing available homes, utilizing the power of flying drones equipped with high-definition video cameras.

The Rise of the Drones

Unmanned aerial vehicles (UAVs), also known as drones, have been part of the United States military inventory for decades. They were initially used primarily for reconnaissance and observation, able to infiltrate more dangerous locales without placing a pilot and crew at risk. While military drones have evolved to take on attack capabilities, much smaller, cheaper variations of drones have become readily available for recreational purposes, including aerial photography.

The process of selling your home can be long and difficult, so when a prospective buyer makes an offer, it is often very exciting. Many buyers, however, are not in a position to make a purchase without selling their current home. But what happens if the buyer sells his or her home without knowing that the purchase of your property is a guarantee? Such a situation can be very tenuous for an individual or family, leaving them in a state of limbo and without anywhere to go after the closing on their home. To address this possibility, home buyers are increasingly making offers that include home sale contingencies.

Growing Acceptance

While real estate professionals suggest that home sale contingencies are not preferred, they are often necessary. In some cases, a buyer may have trouble securing a mortgage to buy a new home while still paying on his or her current residence. In others, he or she may not be able to afford to maintain two homes at the same time. As you try to sell your home, you would, of course, probably prefer to have a solid offer rather than one with contingencies, but if all of the other elements are right, and you do not have a line of prospective buyers vying for your attention, a home sale contingency may be worth your time.

When you a looking for a new home, whether you are ready to buy your dream house or simply looking to rent for the time being, the process can be overwhelming. Hours of searching for the right place can leave you feeling frustrated, and you may wonder if you will ever find a home that meets your needs. Unfortunately, it is not uncommon for unscrupulous individuals to prey upon the emotions of those looking for a new home, and attempt to scam you out of your hard-earned money. Such was the case for a Salt Lake City woman who lost nearly $4,000 to a bogus landlord purporting to be from here in Illinois.

Out-of-State Interactions

In January of this year, a woman in Utah was looking for homes to rent on the online classifieds site Craigslist. Finding a house that she liked, she contacted the alleged owner, who instructed her to go see the unlocked home on her own. The woman determined that she wanted to move in. According to reports, the “landlord” told her to sign the lease and to electronically wire $3,900 for a security deposit and the first month's rent.  The keys, the alleged owner reportedly said, would be mailed to the woman from Illinois; they never arrived. Finally deciding to some digging, the woman checked public records regarding the home's ownership, and found the owner to be someone other than the person to whom she had just sent thousands of dollars.

Buying a home is likely to be the largest investment you ever make during your lifetime. If you have never bought a house before, you may not be aware of just how complicated the process can be. There are countless variables to consider and potential pitfalls to avoid, and attempting to navigate the process yourself can be costly, both in terms of time and money.

You may, of course, consider working with a real estate agent or broker to help facilitate finding the right home for you and your family. An agent, though, should be just part of the equation. You should consider hiring an experienced real estate attorney to be sure you are fully protected.

A real estate lawyer can make the process of buying a home easier for you in a number of ways, including: