Real estate transactions are major affairs that can be a source of tremendous risk and reward. This is especially true if you are the seller. In addition to ensuring you get a fair price, there are also numerous legal issues that you must be wary of throughout this process. Not surprisingly, this can be concerning for those selling a house for the first time, and there are probably a couple of questions that you may want answered before deciding on a course of action.
What If You Decide To Cancel The Sale Of The Property?
There may be instances where you will be close to finalizing a deal with a prospective buyer but decide to cancel it. Whether it is due to receiving a better offer or deciding to not sell the property altogether, this can be a major decision to make, and it can also carry some ramifications that you should consider.
While it is legal for you to change your mind about a sale as long the final contract has not been signed, you may still be liable for paying for the real estate agent fees. This is normally a routine procedure that is clearly spelled out in the initial documents that you exchange, but there may be times when the other party's agent attempts to bill you for more than the agreed cancellation fee. When this happens, you should seek professional legal counsel from experts like Iannello Anderson to ensure that your rights are not being violated by the agent.
What If The Buyer Discovers Problems With The House?
The condition of the building is one of the most important factors that buyers will be concerned about. Due to this fact, many communities have strict rules in place covering what problems must be disclosed to potential buyers. However, despite your best efforts, there is always a chance that new problems may be discovered with the building after the transaction has been completed.
When this happens, you may need to hire an attorney to ensure you are not held liable for repair costs. Rules usually only require the seller to make a strong effort at identifying and disclosing any potential problems because it is acknowledged that there may be times when the inspectors for both the buyer and seller miss something. In these instances, you may not have to pay for repair costs, but you may require professional representation to prove that you complied with every aspect of the law.
Selling real estate does not have to be a scary or stressful experience to go through. Understanding that there are ramifications for canceling a sale and that you may not always be liable for problems discovered with the property after the sale will help you ensure your rights are protected during this transaction.