Eight Mistakes to Avoid When Buying a Home (#4)

By: Paul McDaniel

Eight Mistakes to Avoid When Buying a Home (#4)

Tags: Buying, Home Inspection, Contract of Purchase and Sale, Asking Price, Market Value, Neighbourhood, Home Insurance, Negotiation

4. Not knowing and understanding your rights and obligation as listed in the MLS Contract of Purchase and Sale:

Make it a priority to know your rights and obligations inside and out. A lack of understanding about your obligations may, at the very least, cause friction between yourself and the seller. Wrong assumptions, poorly written or missing clauses, or a lack of awareness of how the clauses apply to the purchase, could cause problems. These problems may even lead to a void contract. So, take the time to read and understand the contract of purchase and sale. Be sure to ask questions if you do not understand an part of the contract and making use of all the resources and knowledge offered to you. I always suggest that you also seek independent legal advice.

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