June is National Homeownership Month, a time to celebrate the excitement of owning a home. As a new homeowner, it’s essential to balance this enthusiasm with a keen understanding of your legal responsibilities. Protecting your investment starts with being informed about the legal nuances of homeownership. Here’s a guide to help you navigate this significant milestone with confidence.

Prioritize Estate Planning

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

Stay Informed About Property Tax Assessments

Understanding how property tax assessments impact your financial obligations is vital. Regularly review your assessed property values and learn how to appeal if you suspect an overassessment. Staying informed helps prevent overpayment and supports strategic financial planning.

Understand Your Property Taxes

Property taxes can be complex, but they're a fundamental part of homeownership. Many homeowners use escrow accounts to manage these payments, ensuring timely fulfilment. If you receive a tax bill, double-check whether your lender has paid it. For those without escrow accounts, budgeting for tax payments and keeping track of due dates helps you avoid penalties.

Ensure Your Deed is Properly Recorded

Deed recording establishes your legal ownership of the property. Visit or check online resources from your local Register of Deeds office to verify that your deed is correctly recorded. An unrecorded deed can lead to ownership disputes, underscoring the importance of this step.

Review Your HOA Rules

Homeowners associations (HOAs), or condo associations (COAs), enforce rules to maintain community standards. Familiarize yourself with their covenants, conditions, and restrictions (CC&Rs). Violating these can result in fines or legal challenges, so understanding them early can prevent unwelcome surprises.

Homeownership is incredibly rewarding, but it comes with significant legal responsibilities. By staying informed and proactive, you can protect your investment and enjoy peace of mind. Consult with a legal professional for specific concerns and continue to take charge of your homeownership journey.