Those who are seeking to buy a home in Georgia must generally complete many steps before the sale becomes official. For instance, it is typically necessary to have a purchase offer accepted, put down earnest money and set a closing date. However, there is still a chance that a transaction won’t be completed quickly or at all after those things happen. It is possible that the bank won’t finance the entire purchase.
Instead, it will only offer a mortgage in the amount that the home was appraised for. In such a scenario, the buyer would either need to find a different property to purchase or pay any outstanding balance in cash. In some cases, the bank won’t offer financing at all because of problems with a loan application. Even when a lender does agree to finance the transaction, an inspection could reveal additional problems that may need to be resolved.
An inspection could reveal a cracked foundation, a leaky roof or other significant problems that may make a house unsuitable to live in. A purchase agreement should include a contingency that allows a buyer to back out of a deal in the event that an inspection reveals major problems. Buyers may also negotiate with sellers to fix any issues discovered while scrutinizing the home’s condition.
There may be many benefits to hiring an attorney to help with real estate closings. Legal counsel may be able to review the terms of a purchase offer to determine if they are in a buyer’s best interest. He or she may also be able to answer any questions a person may have before signing paperwork that would make a transaction official. This may reduce the odds that disputes arise between a buyer and seller after the sale becomes official.
