BEST ANSWER
FIRST ANSWER
Larry
If you are not using a Realtor, then you need to hire a real estate attorney. The attorney will help you draw up a legal contract, will search the title to make sure there are no liens on it, and if there are will help get those cleared so that you buy the property with a clear title. This is very important, because if any liens are not cleared up, they can come after you for their money. This includes mortgage holders, persons who may have done repair work to the home, even the city if back taxes are owed or if there are fines from say, not mowing the yard. Even the court can hold a lien on the property for owed child support. So, it is very important that someone searches out the title for you to make sure it is clear. An attorney will also let you know what your legal responsibilities are regarding taxes, since Peoria county and surround areas are paid in arrears. Also, are there any disputes on the lot lines? Are there any easements? Easements can be from other residents, but more likely, (depending on where the property is located), from utilities such as telephone, cable etc.
Are you having a home inspection done? How about termite? If you are taking out a mortgage on the home, it will need to be appraised. If you have a home inspection or termite inspection, you need to know who pays for what and what repairs are reasonable to ask the seller to do.
I hope this helps and good luck with your purchase! If I can be of any further assistance, please feel free to email me.
Sun Apr 27 2008, 15:56