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Real Estate Resources

Real Estate Resources

A home is the most expensive purchase most people make, so it should be no surprise that buying a home is quite a bit more complicated than other purchases and involves many moving parts. Prospective home buyers have to learn an entirely new vocabulary in order to understand the vast web of lending laws, state and municipal land use laws, all of the required inspections, and other the small but important details. This section contains a vast collection of resources to help you make sense of it all, including handy checklists of documents you may need and questions to ask your real estate agents and lawyers.

It cannot be overstated how significant and life-changing the home-buying process is for most people, particularly since the majority of home mortgages are paid over a 30-year period. Before you even start looking for homes, however, you need to determine whether you’re actually ready to buy by considering your finances, credit history, and cash on hand. Also, you need to consider not only how much you can spend each month on mortgage payments, but also the ongoing and “surprise” costs associated with home ownership.

You shouldn’t feel rushed when buying a home, since time often is on your side as a buyer. If you need more money for a down payment (which will lower your monthly payments are perhaps give you a better rate), then you can set a target for when you expect to have enough saved. If the market is particularly volatile, perhaps you want to wait until it has settled before jumping in. In any event, make sure you know what you’re getting into.

One of the ways to get a handle on the home-buying process is to learn the applicable legal, financial, and real estate-specific terminology. Many of these terms will be found in contractual language, so learning their meaning will help you make better decisions and understand what it is you’re signing. You should know what an Acceleration Clause is. It is a condition in a mortgage that may require the balance of the loan to become due immediately, if regular mortgage payments are not made or for breach of other conditions of the mortgage. A Contract for Deed is a contract for deed is a contract that allows a buyer to take possession of property in exchange for monthly payments until the balance is paid off, even though the seller maintains legal title to the property until the final payment is made. The parties negotiate the terms of a contract for deed. A Quitclaim Deed is a deed which transfers whatever interest the maker of the deed may have in the particular parcel of land. A quitclaim deed is often given to clear the title when the grantor’s interest in a property is questionable. By accepting such a deed the buyer assumes all the risks. Such a deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has.

This section also includes a home buyer’s financial worksheet, where prospective home buyers list their various household expenses and sources of income. Basically, this worksheet is designed to help you determine how much you can afford and how much you need to save for a down payment. While it may look complicated at first glance, just follow the instructions to get the most out of it.

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When you need legal help with real estate in Utah, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Ascent Law LLC

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About the Author

People who want a lot of Bull go to a Butcher. People who want results navigating a complex legal field go to a Lawyer that they can trust. That’s where I come in. I am Michael Anderson, an Attorney in the Salt Lake area focusing on the needs of the Average Joe wanting a better life for him and his family. I’m the Lawyer you can trust. I grew up in Utah and love it here. I am a Father to three, a Husband to one, and an Entrepreneur. I understand the feelings of joy each of those roles bring, and I understand the feeling of disappointment, fear, and regret when things go wrong. I attended the University of Utah where I received a B.A. degree in 2010 and a J.D. in 2014. I have focused my practice in Wills, Trusts, Real Estate, and Business Law. I love the thrill of helping clients secure their future, leaving a real legacy to their children. Unfortunately when problems arise with families. I also practice Family Law, with a focus on keeping relationships between the soon to be Ex’s civil for the benefit of their children and allowing both to walk away quickly with their heads held high. Before you worry too much about losing everything that you have worked for, before you permit yourself to be bullied by your soon to be ex, before you shed one more tear in silence, call me. I’m the Lawyer you can trust.