Professional advisors are essential to protect your interests. They can provide knowledge, expertise and objective advice in areas in which you have little experience. It is important to recognize when it is necessary to call in an expert to assist you. Because of the costs associated with hiring a lawyer, accountant or financial planner, some people are inclined to try the do-it-yourself approach. This can be a shortsighted decision, not to mention detrimental to your financial interests.
For instance, if you decide to process your own income tax return rather than hiring a professional tax accountant, you may miss out on tax exemptions that could save much more than the cost of the accountant’s time. Or, a person who does their own will or power of attorney could end up having the document deemed invalid due to a technicality. Alternatively, lack of professional tax and estate planning could result in a lot more tax being paid during your lifetime and on your death, than was otherwise necessary.
Whether you are the buyer or the seller of real estate, it is important that you obtain a lawyer to represent your interests. There are many potential legal pitfalls for the unwary when buying real estate. The agreements for purchase and sale and other related documents are complex. To most people the purchase of a home is the largest investment of their life, and the agreement for purchase and sale is the most important legal contract they will ever sign, next to a will of course!
There are distinct advantages to having a realtor acting for you in buying or selling a property. With careful selection, you can benefit greatly from the skills of a knowledgeable and sincere realtor. There are a number of approaches to finding a good real estate agent. For example, friends, neighbors, and relatives may have the names of agents that they have dealt with and would recommend. Open houses also provide an opportunity to meet realtors. Newspaper ads list the names and phone numbers of agents who are active in your area. “For Sale” signs provide an agent’s name and phone number. And real estate firms in your area can be located through the Yellow Pages. Any of course, the Internet is one of the most popular methods of research of realtors and properties.
Mortgage lending has become very complex, with constantly changing rates, terms and conditions. Each lending institution has its own criteria that apply to potential borrowers. Some insist on a particular type of property as security, while others require a certain type of applicant. In this latter case, factors such as type of employment, job stability, income and credit background are weighed. There is a broad range of philosophies and policies held by the various lending institutions on the issue of security and applicant qualifications in order for a lender to advance mortgage funds. These are subject to change from time to time.
