Legal Toolkit Pennsylvania Real Estate and Housing

What to Do About Real Estate and Housing

a

Don't sign anything (contracts, loan papers, lease, etc) until you are sure that every detail is your best interest and that there are no hidden issues, and preferably, until you have talked to a lawyer. Don’t be pressured to sign too fast; before signing, allow yourself some time to consider the details and/or ask an attorney to review it for you first.

b

Clearly assess your financial situation before considering purchasing property.Know your credit score and the contents of your credit file before you apply for the loan. Correct any erroneous information with the reporting agency in advance (see Where to Read More for links).

c

Ask questions about monthly payments, interest rates, rate adjustments, credit insurance, balloon payments, prepayment penalties, periodic fees, and closing fees before you determine if you can afford to proceed with the loan.

d

If you are purchasing property for commercial purposes, speak with the municipality and investigate all zoning regulations before proceeding any further.

e

If purchasing property from a Sheriff's Sale, make sure you have a thorough title and lien search done.