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Common mistakes when buying or selling a home

Oct 3, 2021 | Real Estate Law

Selling or buying a home involves significant legal and financial decisions that have the potential to affect all parties to the transaction long-term. It is critical for anyone considering the sale or purchase of residential property in Texas to consider how to avoid common missteps and mistakes that could cost the individual time and money in the future. Research and preparation can help one avoid decisions that may have negative consequences. 

Mistakes made by buyers 

Buyers often fall in love with a property and overlook its faults. One mistake buyers may make is purchasing a home in a location that is questionable, affecting resale value. It could also be a mistake to purchase a property without first inspecting it, or buying a vacation property that will require significant upkeep. Some buyers eventually regret buying a home in a community with a homeowners’ association that controls certain things, such as the exterior of the home. 

Mistakes made by sellers 

It is a mistake for a seller to list a property that does not look its best. Sellers should have the property visually appealing. A common mistake made by sellers includes failure to consider the potential tax consequences of a sale, as well as failing to disclose details of mistakes and flaws in the property.  

Avoiding these potential problems 

The sale or purchase of a Texas home is a process best navigated with the help of an experienced attorney. A legal ally can ensure that one avoids potentially costly mistakes and missteps at every part of the transaction. Before agreeing to terms or making another important decision, it may be helpful to seek an assessment of the individual case.