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From the perspective of a newly-minted lawyer who has already seen several dozen cases with miserable new homeowners, a little advice:
1. READ everything, I mean every little word on every little document you get that is related to the transaction. Read every paper that comes from anyone involved - the broker, any lawyers, the sellers, the mortgage people, any inspectors or repairmen, etc. If you don't understand something, ASK. Most of the time, if you sign a contract, you're stuck with what it says. "Oops, it was teeny print and I didn't read all of it" is rarely a good defense.
2. Your new two favorite words are "Home Inspection." I don't care if the building is brand-new, built by the most fabulous builder in the history of the world, or the sellers reassure you that "everything is absolutely perfect!" Even if the sellers promise to protect you and grant you warranties, in a lot of cases, when something goes wrong with a house, it's a BIG F-ING DEAL, and if the sellers have few assets and not a lot of insurance coverage, you'll be stuck with paying out of pocket to fix the defect. Better to know beforehand, and the cost of the inspection is your best protection.
3. Your next two favorite words are "Title insurance." Get a good policy from a recognized company. Look at Rule #1 again - READ the policy, make sure you know what it covers. There are a lot of shady little surprises that can pop up with a real estate sale, and you need to be protected. I've seen clients find their "dream home" and then lose it because the seller didn't really have a valid deed. Title ins. will cover your butt. You might still lose the property, but you would get $ to compensate your damages.
[Disclaimer: This is not legal advice. I am not licensed to practice law in the State of New York. Heck, I've only been a real lawyer for a month and a half. If you need legal assistance, you should contact an attorney licensed to practice within your jurisdiction. Please don't sue me for malpractice. Have a nice day.]
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