Legal Terms You Should Know When Buying a Home by Jim Olenbush
Purchasing a home is major investment. Knowledge of the various legal terms used along with the legal issues pertaining to home purchase is important. The following are some of the terms you need to know before going through with a home purchase.
Joint Tenancy
If you are purchasing the home with someone else you will likely enter into a joint tenancy. In such circumstances you the others are considered the owner of the home or property that you have purchased. If one of the people you enter into joint tenancy dies that person's rights to the property are passed on to his or her survivors.
Land Tax
Land tax is that tax which you pay on the property you own. The land tax value is determined by the value of the property. You need not pay land tax on the property that is your principal place of residence.
Liabilities Liens
There should be no liens or liabilities on the home you are planning to purchase this can be determined by looking at the title deed of the home you are planning to purchase. Any outstanding debt that the previous owner may have had in relation to the home is known as a liability. If there are claims that another person or business may have on the property they are called as liens. Liens are put into place when someone else has the right to the home because they are owed money. Liens can be put into place by a bank that lent money to the previous homeowner as well as judgments or unpaid taxes.
Appraised Value
When you have decided on the home you are interested to purchase you will need to have an appraiser visit the home in order to appraise its value. The appraised value is generally the amount that the lender is willing to loan toward the purchase of the home.
Inspection appraisal are two different things altogether. If you are interested in purchasing a home you should also have an inspection performed. This assists you to know more about the condition of the house before you make a purchase. Caveat emptor is term associated with inspection you should be familiar with this term it means "let the buyer beware. " In accordance with caveat emptor the burden is placed on you to be certain you are satisfied with the home before you make a purchase.
Jim Olenbush has been active in the Texas real estate jimolenbush. com industry since 1997. His team of experienced real estate agents specialize in The Courtyard Austin jimolenbush. com the courtyard. htm other luxury neighborhoods around Austin Texas. Legal Terms You Should Know When Buying a Home
