If you are searching for property to buy in the Baltimore area, it is of paramount importance to secure the professional services of a registered and competent Baltimore real estate attorney. There are a multitude of ways in which the seller of a piece of land, house or an apartment can withhold vital information from you or misrepresent certain facts that will only become apparent following a legally binding transaction. Do not let yourself be rushed into any agreements and do not fall for the old sales line of ‘other people being interested in the same property – so act fast’. Your Baltimore real estate attorney must take the time required to perform a search on the seller, his or her credit rating, criminal record and history of property purchases and sales. Your lawyer must then contact the legal representation of the seller in order to confirm all stated facts in the contract.
It is tempting to purchase property without the input of a real estate agent, in order to avoid the latter’s various fees. However, be warned that any real estate you find privately, such as on the internet, will not be vetted by an independent third party. In this case you must seek the help of a professional surveyor. His or her duty will be to carry out due diligence on the property in question. This will involve checking the veracity of running cost statements, as well as making sure there is no ulterior motive to the sale – such as rotting pipes or a crumbling roof.
When dealing with an estate agent, take everything they tell you with a pinch of salt. Remember that their only interest is to sell the property in question for the highest possible value, as they are paid on commission. This also means that the asking price will usually be higher than the fair market value. Depending on the area in question, the asking price could be as much as 20% off the estimated value. However, if you are looking to buy in central Baltimore, there are enough transactions taking place daily that the asking prices hover within 5% of the real values.
Do not be shy when it comes to making an offer. Just as the seller will usually aim too high, it is up to you to lowball the price. It is then possible to split the difference in order to come to a final agreement. Once you have agreed upon a price, you will need to secure the property with a deposit. This is usually 10% of the total cost and must be handed to your attorney in the form of a cheque. Once the cheque has cleared and has been deposited into the account of the seller, you are legally committed to complete the transaction. You now also have full rights to the property and nobody can take it from you – even if they bid a higher sum than you. Your attorney will then obtain the lease from the seller and write it over to you in exchange for the remaining 90% of the price.
