Few things are more exciting–and more stressful–than a first-time home purchase. For some, this process signifies the transition to adulthood and for others a fresh start. Any way you look at it, a Rhode Island first-time home purchase is an important decision, and one that will have lasting repercussions.
The home-buying process is not intuitive for many first-time home buyers. However, although the process is complex, it is governed by traditional principles of contract law. In fact, throughout the home-buying process, a buyer will typically sign several contracts, each playing an important role in the process. The peace of mind that an attorney can provide in the purchase of a Rhode Island home is invaluable.
A Rhode Island real estate transaction begins with an offer to purchase. Typically, an offer to purchase is drafted by a real estate broker, signed by the prospective buyers, and presented to the seller’s agent. Once the offer to purchase is in the hands of the seller, the seller has a certain amount of time to respond before the prospective buyer’s offer lapses. Often, the seller will return with a counteroffer.
Offers to purchase are lengthy, and complex legal documents. In part, this is because they should contain all the contingencies that the prospective buyer’s offer is premised upon. For example, a common contingency in a Rhode Island real estate offer of purchase is a financing contingency, allowing the prospective buyer to back out of the deal if their financing falls through. There are infinite contingencies that can be included in an offer to purchase, and a Rhode Island real estate attorney can ensure that an agreement of sale adequately represents a buyer’s interests by including the necessary contingencies.
It is important that first-time home buyers understand that most real estate brokers are not attorneys. Thus, while brokers have limited knowledge of the law as it pertains to the issues that commonly arise in the purchase of property, they are not experienced in drafting legal documents and cannot provide legal advice to home buyers. A Rhode Island real estate attorney can assist a home buyer by reviewing all offers, counteroffers, and purchase agreements to ensure the prospective buyer knows exactly what they are getting.
Home buyers should also have a Rhode Island real estate attorney conduct a title examination on a property prior to purchase. A title examination can discover potential issues such as unknown liens or undiscovered claims against the property or easements. Title insurance protects a buyer in the event an unanticipated issue arises in the future.
Are You Purchasing Your First Home?
If you are in the process of purchasing a Rhode Island home, contact the dedicated Rhode Island real estate attorneys at the law firm of Bilodeau Capalbo. At Bilodeau Capalbo, we represent individuals, couples, and businesses in all types of Rhode Island real estate transactions. Our dedicated team of Rhode Island real estate lawyers also handle related matters such as estate planning issues, family law issues, and Rhode Island insurance claims. To learn more, and to schedule a free consultation to discuss your situation with one of our experienced attorneys, call 401-300-4055 today.