In my last post, we started to review the Consumer Protection Brochure that all Georgia real estate agents must provide to their Buyers. Protect Yourself When Buying a Home offers some practical information that while most agents should review this with you when buying Midtown Atlanta real estate, it may not always be the case.

In our last segment, we touched on the following topics:

• Keeping copies of your signed documents
• Having your home or condo professionally inspected prior to purchase
• Inspect and Get to Know the neighborhood where you are going to live
• Termite Inspections (when necessary)

Now, let’s look at the other points of information you should consider.

Thoroughly Investigate the Property

Here, you want to consider anything and everything that could effect the purchase of your home or condo. From mold, to water to a septic system if buying a single family home. If the home or condominium was built before 1978, you might want to test for lead-based paint. Eating paint chips can be a problem for children. It also can be a problem for adults should you do renovations at a later time that involve sanding or wood surfaces that were painted.

Other real estate terms and things to consider include school districts, flooding, property insurance costs, and any covenants that might restrict the use of the property. For example, in purchasing a condominium, most all of the Midtown Atlanta condominiums have limits on the number of homes that can be rented at any given time.

Survey of the Property

This would apply if you are purchasing a single family home, or vacant lot. You want to know where your property lines are. I sold a home a couple years ago, and the lot line for my Buyers’ house was right alongside the neighbors house, not in the middle of the space between the two houses. A good thing to know.

Undeveloped Property CAN be developed

Pretty plain and simple…but you want to know WHAT you can do with the property and what kind of services may or may not be available. If there are no city water and sewer lines, you will be drilling for a well and putting in a septic system, both which will have rules.

Buy an Owner’s Title Insurance Policy

If there IS a real estate term in Georgia you need to know, and HAVE, it’s owner’s title insurance. This protects you against any pre-exisiting title problems, if they come up after closing. Imagine a condo building that has been built on several lots that were purchased, and assembled to create the space to build. Some long lost relative surfaces and lays claim to one of the lots. In steps your title insurance policy.

Remember, when you work with me as  your buyer’s agent, I’ll be here to answer any questions you might have. There are lots of real estate terms to know in Georgia and I’ll be sure to help you understand them.

OK, so Protect Yourself When Buying a Home is a pretty long Real Estate Term to Know in Georgia. Actually, it’s a Consumer Protection Brochure that has been produced by the Georgia Association of REALTORS. In the past, it was optional for REALTORS or real estate agents to provide this to their Buyers. As of the 2011 printing of the Purchase and Sale Agreement, it is now part of the actual real estate contract.

This important brochure should be given to you at the START of your home or condominium purchase process by your agent. At Thomas Ramon Realty, this brochure is included in our initial information package, and we review it  with you.

It has 10 specific topics that it covers as they relate to a home or condominium purchase:

• Read and keep a copy of any signed contract

It would seem pretty common sense, right, that you would keep such things? Well, when you sign the Purchase and Sale Agreement, you have created a legally binding contract with time lines and dates that must be followed. Plan to have a file or notebook where you can keep ALL the documents related to your sale.  In case you might lose them, you could also consider scanning them and having them on a computer, backed up to a service like Carbonite where they would be protected.

• Have the home or condo inspected by a professional home inspector

Having this inspection performed helps you and I examine the condition of the home and determine if there are any repairs that may need to be performed by the Seller prior to your purchase.  While we never hope for major problems, this inspection can uncover issues that you may not want to deal with, now, or in the future.

• Inspect the neighborhood where you plan to live

You should take time, both with your agent and by yourself to get to know the neighborhood where you are going to purchase your home. There are many factors to consider. In an urban environment like Midtown Atlanta, you might want to visit the area both during the day, and at night to determine if there are any noise issues from surrounding businesses or highways. What is the proximity to a major highway or transit station if you commute to work? Being a long distance from a major highway can add travel time to your commute. Where is shopping, dining, gas stations and other services you might need? If there is vacant land near the building you are looking to purchase in, are there any known plans for that land? A knowledgeable agent like me that works the Midtown market can help you determine these things. Also, you can contact local government planning officials that might have new information about potential plans for development.

• Termite Inspection

While rarely a concern in condos, this is an important consideration if you are purchasing a single family home. Again, our contracts have changed from where this was a Seller responsibility to provide this information, to now the Buyer is responsible for conducting these inspections. Again, this should be done by a licensed pest control company. If you happen to be purchasing in a condo community that is older, and has ground floor units, then this would be a wise inspection to have.

In our next post, we’ll review the remaining five topics you need to consider as you purchase a home or condominium.

If you are just joining me in this series, and would like to read all the posts, please visit Real Estate Terms To Know in Georgia