This segment is part of a larger Virtual Live Event that we held in February 2021

The Gist:

When it comes to a great possession, normally it starts with great prevention. It is wise to contact a lawyer as early as possible in the process and get started.

• In real estate, the process starts with REALTORS® who get things afloat and it ends with lawyer who make things land.

When you’re buying a new house, you are probably worried about two things— Missing the opportunity of buying the property you want, and paying too much.

• Throughout the buying process, you will meet a number of parties including REALTORS®, mortgage lenders, insurance brokers, etc. But the most important party is the lawyer, who generally sweeps clean and wraps everything up.

• Christina Henriques advises buyers to reach out to a lawyer before agreeing to anything, as it may save a lot of money in the long run. Christina offers a half-hour free session at the beginning, so whether or not you choose her as your representation, you can still talk to her before you sign off on any contract. Once you sign, it can not be fixed later.

The biggest thing everyone tries to avoid is disputes, and the most common dispute in real estate is surrounding Real Property Reports (RPR’s) and Title Insurance.

• RPR’s and Title Insurance go hand in hand, and many people are unsure about the purpose of title insurance or how an RPR protects them.

• An RPR is a survey completed using the surveyors handbook. Someone who is trained in measurements goes out to the property and gets an official measurement of it.

• When it comes to improvements and RPRs, the most common improvements would be hot tubs, decks, non-moveable large sheds, gazebos, pergolas, etc. Moveable objects don’t fall into RPR’s.

• An RPR is reusable, while Title Insurance is not. If you’re a buyer, you should request an RPR with compliance. Otherwise, if you want to sell the property down the road and the buyer wants an RPR instead of Title Insurance, you have to bear all the expenses to fix any defects.

• With Title Insurance, you are still covered as long as the defects are not known at the time of purchase. So if you, a homeowner who has obtained Title Insurance, find any defect down the road that you didn’t know about during the purchase, the Title Insurance company is going to cover that for you.

Ready to Get Started? 🏡

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