Buying or building a home for the family is part of the American dream. You have worked hard for it, and achieving homeownership is a big step. However, homeownership comes with certain responsibilities and even potential liabilities that you need to be aware of. There are certain steps that you need to take to ensure protection of your home and your personal assets.
7 legal tips for homeowners:
Choosing the right Homeowners Insurance
Many homeowners choose the most affordable insurance policy, but this could be a big mistake. Choosing an adequate homeowners insurance policy is one of the most important legal tips for homeowners. To determine the best homeowners insurance policy, you need to consider many factors that are relevant to you. For example, does your policy cover common natural disaster specific to your area? Review your policy carefully or have a legal professional go over your policy to ensure adequate protection for your property.
Keeping records of all your documents
There are many important documents that come with homeownership, such as insurance documents, deeds, and wills. You need to keep these documents safe and accessible when needed.
Performing house maintenance
Unexpected and expensive repairs can be quite troublesome to homeowners. The good news is that you can avoid many costly repairs, or at least plan for them, by performing routine checkup and preventive maintenance. On top of your list are major appliances, electrical and plumbing system, and the roof. When performing a major repair or maintenance job, always shop around and request an estimate in writing.
Understanding your warranties
Many homeowners sign up for their home and appliance warranties without reading the fine print. This could lead to some unpleasant surprise when they actually need the warranty. It is a good idea to have a legal professional review the terms to help you understand any exclusions and hidden costs.
Keeping peace with your neighbors
Sometimes neighbor disputes are unavoidable. Most often, you will find that your local laws address common issues you may have, including littering, aggressive animals, and loud noise. If the dispute gets out of control and you require legal assistance, it’s best to contact an attorney who knows the law specific to your neighborhood.
Avoiding mortgage scams
There have been a growing number of reported mortgage relief scams in many forms. Scammers often use direct mail and phone calls to reach out to homeowners. Usually, you need to stay alerted of forensic mortgage audits, loan modification guarantees, and class action mortgage relief. Before signing any agreements or making any payments, talk to a law firm and have them review the agreement first.
Understanding landlord’s responsibilities
Renting your house can be a good way to generate extra income. However, you need to check whether your property can be used as a non-primary residence. Also, it’s a good idea to review your homeowner insurance policy, which may or may not cover renters. Once you determine that it is possible to lease your house, make sure you have a good lease or roommate agreement in place to protect your rights. Your attorney or legal provider can help you draft or review such documents.
Taking proper precautions can help you avoid expensive and unnecessary legal mistakes in the long run. Without proper legal protection in place, homeownership can get expensive very quickly. Talk to a LegalShield representative today to learn how you can get legal protection for less than $1 a day.