Tag Archive: Law

House Selling And The Law For You To Know

house selling and the law

The legality of selling a house has to be understood before you venture on this path. You don’t just go ahead and set up a simple contract when it comes to this process. You will have to go through each step as required and make sure it is being done based on the rules and regulations stipulated by the government.

If you don’t do this, you are now looking at a solution that is not sufficient and could lead to legal issues.

Here is all you need to know about house selling and the law.

1) Disclosures Are Necessary

The first legality to look at would be “disclosures”. This is what you will be revealing about the property. This can include not only the pros of the property but the cons as well. You want to list everything that you are aware of.

The buyer is responsible for bringing in the inspector, but some sellers prefer to take this step on their own to make sure issues are not being missed.

This is up to the seller in most states. It is important to read up on disclosure laws for your state before putting up the property for sale. It could save you a lot of trouble.

 

2) Legal Counsel Required For Both Parties To Complete Transaction

You will need legal counsel to set up the official contract that is going to stipulate how the sale is going to go through and when it is going to go through.

This ensures there is legal solidarity in place after the transaction has been agreed upon. This will hold up in court, and you should be going with it as soon as you can. Get someone to write it up for you to ensure all details are looked at.

 

3) Land Transfer Fees Are Required

There are land transfer fees that have to be paid to the government by the buyer. This is going to be done based on what the government has set up. However, each state is going to vary on what is being paid. The land transfer fee is put in place to make sure the land is paid for.

What does this have to do with the seller? It has everything to do with the seller because it is going to factor into the offers that are being made. If it comes up, you will know what it is all about and why the buyer is mentioning it.

This is the information you should be aware of when it comes to house selling and the law. You have to be patient enough to get a better read on the legalities of the situation before you are willing to list the property.

Those who don’t do this are the ones who are going to make a simple legal mistake and pay for it in the end. You might not be able to complete the sale because of this laziness. Be sure and get legal counsel as soon as you can.