Jun. 30, 2007
This is a strong recommendation for both buyers and sellers, whether you are a first time buyer, first time seller, or experienced in both buying and selling. And if you are relocating to a new state this is even more important since things are likely done differently there than what you may be used to.
READ your contracts.
Let me say that again. READ your contracts.
I have seen several recent situations where buyers and sellers got into hot water because they made assumptions about their transactions, only to later find out those assumptions were wrong. Once things are signed, or the deal is completed, it is too late to find out that something important was missed, or forgotten, or you agreed to something that you wish you hadn't.
Unless you are obsessive, you probably don't like taking time to do this (I am the same way). Contract language is not fun to read, and is often hard to understand. It is certainly boring. But important details an easily be missed.
- Check dates
- Make sure things are spelled correctly
- Review ALL financial stuff to ensure it is correct
- Is the address right?
- Are all the blanks filled in that need to be?
- Is your SS# correct (in the closing docs usually)
- Make sure you read terms and conditions, AND understand the implications of them, and what happens if certain procedures are not followed.
Make sure you ask about things you are unclear about before proceeding. It might save you some major aggravation later.
Have a great weekend!