1. Understand the Neighborhood

After identifying a potential home, take steps to understand the neighborhood. Speak with neighbors and ride around the community. Pay attention to the other homes and visit at different times of the day. While you may be interested in a particular home, you do not want to set yourself up for ongoing disputes with neighbors or issues with restrictive zoning laws, home owners associations, crime or noise.

2. Understand the Home

Thoroughly examine your potential home. Make sure all systems are properly working and that the house is in good repair. Carefully review the Seller’s Disclosure which should detail all of the defects that the seller is aware of. Address any portion of the disclosure that is missing or unclear. Because the seller may not be aware of all potential problems, have the home professionally inspected for a written report detailing any defects. Any issues can be used to negotiate a lower sale price or have the defects fixed or replaced.

3. Financing

Buying a home requires a carefully crafted financial plan. Review factors such as your income, job security, and current debt to formulate an overall budget before you even begin to look. Run the numbers using a mortgage calculator to estimate your monthly bill, but remember to also account for utilities, maintenance, property taxes, and home owners insurance. Once you have calculated your affordable range, begin the process of getting pre-approval from your lender. This additional step provides a baseline for negotiating price and provides an attractive incentive to sellers as it means fewer roadblocks at closing.

4. The Purchase Agreement (Agreement of Sale)

Your goal is to create a purchase agreement that protects your interests and provides reasonable terms given your particular circumstances. While the Pennsylvania Association of Realtors provides a form of agreement, there is always room for negotiation. The agreement should include contingencies, which require that certain conditions, such as financing, inspections, and the removal of encumbrances, are met before you are obligated to follow through with the transaction. Before signing anything, be sure that you are aware of your rights as a buyer in Pennsylvania and that you have thoroughly read and understand what you are signing. Once you have entered into an agreement, it is legally binding. Unless the agreement permits termination, you could lose your deposit or be responsible for damages if you do not proceed with the transaction.

5. Homeowner Insurance

If there is a homeowner’s association (“HOA”), obtain a copy of the HOA documents and carefully review them to determine (1) what your monthly fee will be and (2) the restrictions or expectations they place on your property. Check to determine how often fees will increase and what they cover. Note that HOA rules can often be more restrictive than township zoning ordinances and can restrict your right to have pets, put in sheds or patios, or your ability to have lawn ornaments or dry clothes outside. HOA rules can also require mandatory upkeep on your home that can prove burdensome. Get a sense of how strict the HOA is in managing its properties and enforcing its rules. Since violation of HOA rules often comes with fines, make sure your prospective home is not already in violation.

6. Title Insurance

Order title insurance to protect yourself against defects in title and any unpaid mortgages, judgments or other liens against the property that have not been paid. Review the title search before closing, checking for any pipe lines, utility easements, retention basins, and/or storm water management plans to see if they affect your property in any adverse way. Many times the policy only gives the location of the documents recording any easements or plans (i.e. the deed book and page number). It is important to give yourself time to review the actual documents and ensure that all liens against the property have been paid.

7. Closing

At closing you will be asked to sign a lot of legal documents, such as the mortgage, a buyer’s affidavit, various waivers, and the settlement sheet (“HUD statement”). As with the purchase agreement, carefully review these documents and be sure that you understand what you are signing. If it is possible, review the HUD statement before closing. This document details the parties involved and how the money is being distributed. You need ample time to review this document to make sure that everything is correct and reflects your expectations.

Buying a Home is a Significant Financial Transaction

Assembling a team of experienced professionals to help you buy or sell a home is essential. In addition to an experienced real estate agent, a good real estate attorney can prove invaluable when it comes to protecting your interests and making the transaction process manageable.

The real estate lawyers at Keen Keen & Good have represented hundreds of buyers and sellers and are prepared to assist you whether you are selling or buying a home.

Contact Keen Keen & Good Today! 610.383.7810 or info@kkglawfirm.com

The post Buying A Home: 7 Key Tips appeared first on Keen Keen & Good.

Click here for more info. KKG – Choosing Auto Insurance

The post Selecting Auto Insurance appeared first on Keen Keen & Good.

The following are “8 essential steps” to consider in the event you do get involved in a car accident.

1. Be Prepared

Pack your car with key emergency and safety essentials, such as: flashlight, flares, blanket, hat and gloves, washer fluid, first aid supplies, a fully charged cell phone, jumper cables, kitty litter, shovel, ice scraper and brush. Also, be sure to carry your driver’s license, insurance card, and registration.

2. Seek Medical Attention

The safety and well-being of those involved in the accident should be your primary concern. Call 911 to inform medical personnel of your location and need. Even if emergency treatment is not required, seek medical treatment for any injuries as soon as possible. Be sure to follow your doctor’s orders and continue treatment until you have fully recovered.

3. Notify Authorities

Even if the damage to your vehicle looks minimal, it is important to have the authorities document the accident. Once again, call 911 to request a police investigation and official report which may prove critical in preserving and ultimately establishing your claim.

4. Gather Information

Get the name, address, telephone number, and insurance information of all drivers involved. If there are witnesses, make sure to get their names, addresses, and telephone numbers. Note the time of day, road and weather conditions, and any other relevant facts about the scene. Finally, if it is safe to do so, take photographs of the accident, including the scene, vehicles involved, and any damage.

5. Call Your Insurance Agent

Report the accident to your insurance company and contact your insurance agent as soon as possible.

6. Do Not Admit Fault

Even if you feel that you are responsible for the accident, circumstances may prove otherwise. If it later turns out that you were not at fault, statements claiming responsibility for the accident can still be used against you and may significantly damage your claim.

7. Do Not Discuss the Case

While it is tempting to discuss the accident with those around you, do not discuss the case with anyone besides the police, your insurance agent, and your attorney.

8. Contact an Attorney at Keen, Keen & Good

Contacting one of our experienced attorneys will put you in a position to protect your claim, negotiate with insurance companies and, if necessary, fight for your potential recovery in court.

The post Car Accidents: 8 Essential Tips appeared first on Keen Keen & Good.

The post Welcoming Gordon W. Good appeared first on Keen Keen & Good.