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It’s not just a matter of setting a price, finding a good agent, and keeping the place clean when it’s shown. The law affects every stage of the process – you can help yourself by knowing your rights.
Frequently asked questions about selling a house
What legal documents do I need to have before putting my house on the market?
Do I need a real estate agent? Do I need a lawyer?
Legally, what is an offer?
What is usually contained in a purchase and sale agreement?
What happens during the closing?
Where can I get more information?
Real estate law requires a lot of paperwork. Before you sell your house, make sure you have the following documents on hand
a plan or survey of your property
Deed or your mortgage agreement
the latest real estate tax bill
HOA documents if your home is a condominium
Homeowner’s association rules and meeting schedule (if available)
You will have to decide whether to use a real estate agent or sell your house yourself. An agent will usually charge you about six percent of the purchase price when your home is sold. You can find a reputable real estate agent through a professional organization.
Whether you decide to sell your home yourself or not, contact a lawyer before you sign a listing agreement or get an offer. Also, make sure you understand and comply with your state’s disclosure laws, as well as federal and state fair housing laws.
Generally, if someone calls you on the phone and offers to buy your home, it is not a legitimate offer. An offer is usually a written document that becomes a contract of sale if you accept it. Therefore, it is important that it covers all the important details of the sale. The offer should contain
the purchase price
the amount of the down payment
desired closing and possession dates
an indication of whether the buyer is applying for a mortgage and the terms of the mortgage
an accurate list of items included in the sale, such as household appliances, curtains and fixtures
The buyer can include an inspection clause that cancels the contract if the building does not pass a professional inspection that covers
pests
radon gas
structural strength
plumbing
electrical systems
The buyer pays for most inspections, although many states require the seller to pay for a termite inspection.
Ask your attorney to review the offer before responding to it. An offer may indicate the beginning of negotiations on price, tenure, and other details of the sale.
The buyer’s down payment is placed in an escrow account until the transaction is finalized.
Once you agree to sell, the terms of your contract will be clear. A contract is an agreement between two parties that defines who does what and who gets what. It can contain anything legal that both parties agree to.
