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Purchasing a Sarasota home or any home is one of the most important decisions in a person´s life. The home may be the result of a family´s dreams of several years. Lots of emotions are therefore attached to it. When you have decided to purchase a house, you may search the web, talk to your friends, hire a Realtor or your heart may already be set on a particular area or property.
After reviewing several options, you have selected a house. At this stage you may have mixed feelings- of exhilaration and also of tiredness. You are delighted that you have ultimately found the house of your dreams. The agent often helps you feel that this is the house! So near to your dream, you hate to have it slip through your fingers.
Don´t sign on the dotted line in a hurry. Here are some things you should get before you say "Lets go for it!"
Have your Realtor perform a Comparative Market Anaylsis (CMA) for the property and "prove" the value of the property in the current market.
Of course the title at some point needs to be reviewed. Are the titles clear? What it really means in simple terms is this: is there any doubt over the ownership. This process would also include a search, and a non-encumbrance certificate. Encumbrance means restrictions for example in the shape of easement rights. Purpose is to ensure that you will have an unrestricted right to enjoy the benefits.
Have the house inspected. Though the Inspector will not tell you whether or not you're getting good value for your money, he will check (and gives prices for repairs on): the structure, electrical system, plumbing and waste disposal, the water heater, insulation and Ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof. Be sure to hire a home inspector who is qualified and experienced. There are several organizations that provide trained inspectors. NHAI is one of them.
If the house you're considering was built before 1978 you will want to have an inspection for lead-based point. It's important to know that lead flakes from paint can be present in both the home and in the soil surrounding the house. The problem can be fixed temporarily by repairing damaged paint surfaces or planting grass over effected soil. Hiring a lead abatement contractor to remove paint chips and seal damaged areas will fix the problem permanently. (Source:HUD).
Don´t hesitate to ask questions on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, HVAC, appliances, carpet)? Also ask about the house and neighborhood, focusing on quality of life issues. The way these answers are given will also be as important as the information you seek. Is the estate agent readily forthcoming or is he evasive or glib?
One such question will be "I hope the house is not located in a flood plain?" But why not do some research for yourself also.
It is always better to hire a lawyer. A lawyer may cost you an extra $200, but he will ensure that the paper work is in order. He will also be able to decipher a lot of legal mumbo-jumbo that professionals love to fling at lay persons-sometimes to test them, and quite often, to fool them. Lawyer will also go through and/or draft many agreements that you will have to sign. He is also in a better position to negotiate on your behalf.
You should also get an idea of expenditure involved in the processes. For example, under RESPA the lender is required to give you a good faith statement of all the fees required to be paid to him. Apart from this for example, you will have to also budget for fees of lawyer and the estate agent, you have to pay some earnest money for signing a sale agreement, make a down payment to the lender, some amount is to be set aside for closing, pay for stamps etc.
Many defects are not apparent till many years after the construction. Get warrantees from the seller on these items-your lawyer should also clearly advise you on the limits of these warrantees.
The sale agreement should clearly indicate the many contingencies on which the agreement will become void.
These simple precautions will ensure that your dream of moving into your home does not becoms a huge nightmare.
GBrey | 
