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Understanding your rights may make homebuying more successful

On Behalf of | Nov 18, 2019 | Real Estate Transactions |

Purchasing a home in Virginia is probably one of the more exciting things you have done, whether it is your first experience or you have done it before. Having success and feeling confident and encouraged by your decision can be accomplished in part when you understand your rights as a homebuyer. At The Dickerson L Smith Law Group, we are experienced in helping people make their way through various real estate transactions.

Because buying a new home is not a small transaction, there are a few important laws put into place to guarantee that people like you are adequately protected in your quest to purchase property and secure a legitimate title. Taking your time throughout the process to analyze important sale documents and clarify that none of them are missing critical pieces, you can prevent frustration and disappointment in the long-term. Running everything by a professional is an excellent way to make sure that all documents are legally binding and contain the components that will protect you as the buyer.

Realtor.com suggests that laws such as the Home Mortgage Disclosure Act and the Equal Credit Opportunity Act have been implemented to discourage lenders and sellers from refusing sale to you based on facts such as your gender, race or religious affiliation among others. They also help government leaders to recognize real estate professionals who are discriminating. This is accomplished by looking for information on applications that is not varied at all and could indicate that lenders or sellers are being impartial to their clients. Another factor that cannot be used against you is your age. If you are divorced and need to disclose alimony or child support payments on your application, your request should be included right away.

Staying aware of your rights and checking all of your documents to identify concerns or questions you may have can be an excellent way to make your homebuying quest a successful one. For more information about help with buying or selling a home, visit our web page.