Becoming a homeowner is an exhilarating journey, full of new opportunities and responsibilities. As June marks National Homeownership Month, it's an ideal time to delve into the legal aspects of owning a home. Understanding your rights and obligations will help protect your investment and ensure a smooth homeownership experience.

Ensure Your Deed is Properly Recorded

Recording your deed is crucial for confirming legal ownership of your new home. Check with your local Register of Deeds or Recorder of Deeds office to ensure the recording is completed, which can often be done online. An unrecorded deed can lead to disputes or complications regarding your ownership rights, so it’s essential to address this promptly.

Understand Your Property Taxes

Property taxes are a key financial obligation that comes with homeownership. Typically, an escrow account is used by your lender to manage these payments. If you receive a tax bill, verify whether your lender has already paid it. If you don’t have an escrow account, make sure to budget for property tax payments and stay ahead of due dates to avoid penalties.

Review Your HOA Rules

Homeowners associations (HOAs) and condo associations (COAs) enforce rules and regulations through covenants, conditions, and restrictions (CC&Rs). Violating these can result in fines or legal actions, making it vital to familiarize yourself with these rules early to prevent any surprises.

Stay Informed About Property Tax Assessments

Property tax assessments play a significant role in determining your financial obligations. Regularly review assessed values and understand the appeal process if you believe your assessment is inaccurate. Keeping informed helps prevent overpayments and assists with financial planning.

Prioritize Estate Planning

Your home is a significant asset that should be included in your estate plan. Update your will, consider setting up a trust, or establish power of attorney. Proactive estate planning ensures your home is passed on according to your wishes, providing peace of mind for you and your family.

While homeownership is a rewarding experience, being aware of your legal responsibilities is crucial. If you have specific questions or concerns, consulting a legal professional is always a wise step. Stay proactive in managing your home-related legal affairs to safeguard your investment effectively.