Selling your home is an exciting experience, especially if you’re buying a new home. However, it can also be a complex process. Every year, more people sell their homes. According to Statista, 6.1 million homes were sold throughout 2021. Before putting your home on the market, it’s essential to understand common legal mistakes to avoid.
1. Insufficient Property Disclosure
Homeowners must disclose any known issues with the house to the buyer. If you don’t, the buyer can sue you for damages, the cost of repairs, and more. Those new to selling houses should work with a realtor lawyer to ensure everything is properly documented and disclosed.
2. Title Issues
You can’t sell the property if the title has a lien. Unfortunately, many people plan to sell the property and use the money from the sale to pay off a loan. It doesn’t work that way. Instead, taking care of any issues with the title is essential before putting the house up for sale.
3. Misrepresentation
Intentionally misrepresenting anything about the property also opens you up for future lawsuits. When it’s intentional, you’re more than likely going to lose in the long run. Avoid being dishonest about the property’s condition, structure, or anything else. Instead, be as transparent as possible during the selling process.
4. Improper Purchase Agreement
It’s common for potential buyers and sellers to create a purchase agreement. This agreement may include timelines, necessary repairs, and other things both parties agree to. If you breach this agreement, you can face a lawsuit for breach of contract. This also opens the door for the seller to back out of the sale, leaving you back where you started.
5. Not Being Transparent About HOA Rules
If you are part of an HOA, being transparent is essential. For example, if there are any current violations, the future owner should be made aware of them. They may back out or take you to court if they find out later. Before selling the home, you should inform the buyer of all HOA rules and regulations.
6. Not Hiring Legal Representation
Most people avoid hiring a realtor lawyer when selling a home because they think it’s straightforward. However, this process is more complex than first-time sellers realize. It’s best to seek advice from an experienced lawyer to avoid making costly mistakes.
We have the knowledge and experience you need in a realtor lawyer. Contact us to schedule a consultation today. Our experts would be happy to assist you.
