There is more to selling a house than putting a price tag, a ‘for sale’ sign, listing it, and looking for a buyer. Selling your home comes with some important legal responsibilities that can not be overlooked. These legalities are designed to protect your interest and that of the buyer.
If you plan to sell your home, you need to read this article to be guided through the legal processes involved.
Learn about the State Laws
Every state has laws guiding its real estate sector. So, before you put your home up for sale, ensure that you research and understand the property sales regulations of where you reside. The easiest way to understand the state laws is by employing the help of an experienced real estate agent.
Property Disclosure
This is a very important legal step to carry out. A disclosure is detailed information about the property that must be provided to the potential buyers. Sellers and agents are required by law to provide accurate information to the buyers. A disclosure should include every detail, including the defects in the property, to avoid misleading the buyer. Sharing misleading details about your property can prompt the buyer to take later actions against you and your agent.
Agency Agreement
Employing the help of an agent involves paying a certain amount of money, but it is worth it. Before getting an agent, do some research to ensure that you choose a trusted, professional, and experienced agent. A good agent will ensure that you go through the right steps in selling your home, including securing all the important legal requirements. However, to employ the help of an agent, you have to sign a contract known as an agency agreement. The contract is legally binding and permits the agent to sell your home. Once the agreement is signed, the agent gets to work. The agent’s main role is to find potential buyers for your home. Whether you need buyers who make cash offers or otherwise, the agent makes it happen. Buyers making cash offers for homes is gradually becoming a common action in California, especially in West Hollywood. Buying West Hollywood homes for cash and many other areas happens too often. So, if you prefer a cash buyer, your agent can find a potential buyer for you.
Property Conveyance
Whether you decide to sell your home through an agent or privately, you need a conveyancer to help you put together some important sale of house contracts and documents. These documents include your land registration and title deed. The role of a conveyancer or solicitor is to handle the transfer of property from the seller to the buyer once it is sold and ensure that the process is seamless
Vendors Statement
The vendors’ statement is almost like a property disclosure, but the difference is that it includes details that are not visible during inspection. The details may include financial details like the mortgage on the house, zoning, and other non-visible details. This statement must be given to the buyer before the contract of sale is signed. Putting misleading information on the vendors’ statements to influence the buyer’s decision is a punishable offence by the law.
Contract of Sale
The contract of sale is an agreement that legally binds the seller and the buyer. The law requires you to have this document ready even before listing the property. The contract plays a significant role in influencing the buyer’s decision on whether or not to buy the property. Once the contract of the sale agreement is signed, the sale becomes formalized.
Settlement
Settlement is when all the contracts are signed and exchanged. Once this is done, the buyer has five days to decide on whether to legally pull out of the contract or continue the process. Once the five days are up, the next and final step is completion. The completion involves the conveyancing process and the transfer of the property to the buyer. Once this is done, the seller must vacate the property and hand everything over to the new owner.
Conclusion
You can either sell your house privately or through an agent, but the best option is the latter. The process of selling a house involves a lot of paperwork and legal documentation. The best way to ensure that nothing goes wrong when selling your home is to employ the help of an experienced agent. You also need a solicitor or a conveyancer to help prepare all the required contracts and documents.