Real Estate Law: Avoid Legal Pitfalls When Selling a House

Selling a house is not an easy task. Selling a house is full of legal issues. There are various reasons for selling a house. Whatever the reason for selling, sellers always want the best price. If you have some knowledge of legal ins and outs then you can save a lot of money. Whether it’s selling or purchasing a house, it involves attorney, real estate lawyer, agent and broker. The legal assistance of real estate attorney is crucial to avoid legal pitfalls. Selling a house is not just a matter of getting desired price; rather it’s a legal matter that needs to be dealed with carefully.

The sellers always have the option to represent him or her in the sale of house. This is known as FSBO (for sale by owner). You can do it through different channels such there are various websites where you get listed so that buyer can approach you. However you can take assistance of a real estate agent as well. So first decide whether you want to hire an agent or not.

Get Ready your House for Sale:

When you decide to sell your property  it should be in good condition. No one wants to invest on a property with flaws. Give some make up to your house such as cleaning, painting and basic repairs. It’s the legal right of a buyer to inspect the house before signing the contract. It’s the legal responsibility of seller to disclose any defect to the buyer. Otherwise he or she will be found guilty in any future real estate contract litigation disputes.

How to Get Assistance of Real Estate Agent:

You can pay a real estate agent to list your property in Multiple Listing Service (MLP). A good agent can save you time and money. So when you plan to contact an agent make sure you choose the right one. The agent should be an experienced one. Professional organization can be helpful in providing you an experienced real estate agent. You can negotiate fee with agent. Usually an agent charges you six percent of the price at which your house sold. Once you find an agent and he or she will  get a buyer for you and you will have to pay an agent’s fee even if you change your mind to sale the house.

Asking Price: Your agent can help you in setting the price of your house according to market value but you should evaluate the price yourself also. You can evaluate price by looking at the price of other property prices in your area or online selling ads.

Contract of Sale: this attorney drafted real estate contract is signed between two parties (buyer and seller). It contains legal terms and condition to which both are agreed. The terms include the date, names of both parties, address of property, purchase amount, real estate agent’s commission and the date of closing.

Closing: