8 Critical Legal Tips for Homeowners
Homeowners face unique legal issues involving insurance, homeowner associations, warranties, mortgages and more. The following tips are designed to help you plan for potential problems in the future and handle unexpected events when they occur.
If you have questions, contact your LegalShield provider law firm and speak with an experienced real estate attorney.
- Insurance – Having an adequate homeowner's insurance policy is extremely important. Buying a policy because it is the most affordable may be a recipe for disaster. Make sure your policy covers natural disasters common to where you live. You should review your policy yearly to make sure your losses will be covered in the event of a disaster.
- Important information – Keep important information, such as insurance documents, warranties, deeds and Wills in a safe location where they will not be lost or destroyed.
- Homeowner Associations (HOA) – If you own a home or are considering the purchase of a home that is governed by an HOA it is vital that you understand the association’s bylaws. HOA bylaws often restrict modifications you can make to the property and regulate the property’s appearance. You may be fined for failing to adhere to your HOA’s bylaws. If you need assistance reviewing HOA bylaws contact your LegalShield provider law firm.
- Hiring a contractor – Repairs and renovations are an inevitable part of homeownership. When you hire a contractor, avoid taking the lowest bid without considering other important factors. Check the contractor’s references and confirm that he or she is licensed and insured. Ask for a detailed written estimate of the cost and scope of the work before agreeing to anything. Your LegalShield provider law firm can help review a contractor’s agreement before you sign.
- Home & appliance warranties – Home and appliance warranties are only as good as their fine print. Before signing up for a warranty have your LegalShield provider law firm review the terms carefully for exclusions and hidden costs.
- Neighborhood disputes – Disputes between neighbors over property lines, dangerous trees, animals and other disturbances can quickly spiral out of control. Before taking matters into your own hands call your LegalShield provider law firm and discuss your concerns with an attorney who understands the local laws.
- Mortgage scams – The mortgage crisis led to a booming industry in mortgage relief scams. Be wary of forensic mortgage audits, loan modification guarantees and class action mortgage relief. Scammers use direct mail and phone calls to solicit victims with special refinancing offers. Do not sign any agreements or make any payments before speaking with your LegalShield provider law firm.
- Renting – Before you consider renting your property make sure your mortgage allows the space to be used as a non-primary residence. Many homeowners’ insurance policies exclude renters. Review the terms of your mortgage and insurance carefully. Your LegalShield provider law firm may also help review any lease or roommate agreements before they are signed.
LegalShield is a trademark of Pre-Paid Legal Services, Inc. (“LegalShield”). LegalShield provides this blog as a public service and for general information only. The information made available in this blog is meant to provide general information and is not intended to provide legal advice, render an opinion, or provide a recommendation as to a specific matter. The blog post is not a substitute for competent legal counsel from a licensed professional lawyer in the state or province where your legal issues exist, and you should seek legal counsel for your specific legal matter. All information by authors is accepted in good faith. However, LegalShield makes no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of such information. The materials contained herein are not regularly updated and may not reflect the most current legal information. No person should either act or refrain from acting on the basis of anything contained on this website. Nothing on this blog is meant to, or does, create an attorney-client relationship with any reader or user. An attorney-client relationship may be formed only after the execution of an engagement letter with an attorney and after that attorney has confirmed that no conflicts of interest exist. Nothing on this website, or information contained or transmitted by this website, is intended to be an advertisement or solicitation. Information contained in the blog may be provided by authors who could be a third-party paid contributor. LegalShield provides access to legal services offered by a network of provider law firms to LegalShield members through membership-based participation. LegalShield is not a law firm, and its officers, employees or sales associates do not directly or indirectly provide legal services, representation, or advice.
Earnest Money—How Does It Work?
What Is Loss of Use Coverage in Insurance?
