DIYbanter - View Single Post - I am buying a small house not in the best shape but anyway. Never owned a house before. Need your advice.

Speedy Jim

wrote:
I am buying a small house not in the best shape but anyway. Never
owned
a house before. Need your advice.

The real estate guy is nice but how honest and smart he is - I don't
know.

What do I have to do to handle this purchase as best as possible.

What I know is that

1) I pay a deposit, (couple of thousands) and then monthly
installments. So, I need a contact for that and a receipt, right?

2) What do I need to make sure that I really get the house? I sign a
purchase agreement for the house? Who prepares it? Who signs it?

3) I pay the real estate guy or the owner? Or depends?

4) I need title insurance? When is the best to get it? Same day, I
purchase the house?

5) What about a warranty deed?

6) Do I have to go to local agencies to inform them that I am the
owner? Do I have to sign papers with them?

7) How can I find out if unpaid taxes or lien or other stuff is on the
property? And do I need an insurance against that too?

Did I forget something?

Joe

Get thee to yon Local Library.
Probably hundreds of books very specific to your needs.

Buying real estate requires considerable study as
there are numerous pitfalls for the unwary. Assume that
*everyone* involved in the process is out to get you...

Jim