If you are buying a new house or condo, especially if you are a first-time property owner, you will likely need a mortgage to finance your purchase. A mortgage lawyer and mortgage professional can help you understand your rights and obligations under your mortgage agreement and to help you better understand the home buying process from a legal perspective.
To find a mortgage agreement lawyer or law firm, click here and select “Residential Real Estate” as the area of law with which you need help.
When entering into a mortgage with an arm’s length, third-party lender (i.e. not the parents), you will need to provide the lender with security so that the lender can more easily recover on their loan if the loan is not repaid. The maximum amount provided by a lender through a mortgage may be a certain percentage of the fair market value of the property purchased while taking into consideration your annual income. In addition, due to family laws, your spouse will need to consent to the mortgage or, if you do not have a spouse, you will be required to represent to the lender that you do not have a spouse.
In most instances, you will not be able to sell the property that you buy without the permission of the lender. There may also be other restrictions and requirements on your use of your house such as not being able to rent out the whole house to tenants and holding certain types of home and fire insurance. If you have any concerns about the provisions in your mortgage, consult with a lawyer.
For more information on some of the other documents that you might sign in a real estate transaction, visit our blog, What am I signing for my new home?
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If you are looking for a mortgage agreement lawyer or law firm, click here and select “Residential Real Estate” to find the lawyer that best suits your needs.