There are a few legal considerations that should not be overlooked from a sellers perspective.
TITLE OF THE PROPERTY
A homeowner may have lived in one home all of their life but when the buyer’s lawyer searches the title on property, this search can reveal that there are clouds or issues on title which could prevent the real estate transaction from going through. Such title issues could be something minor such as back taxes owing or liens from contractors but also something major such as a fraudulent registration on your home. Legal representation is encouraged in this regard.
If you are thinking of selling your home and may have an out-dated survey, the potential home buyers may request an up to date survey which could be costly. The buyer of the home in the Agreement of Purchase and Sale will decide if this survey clause is important. Accordingly it is important to take into consideration the time lag between receipt of the newer survey and the closing date of the real estate transaction. An up to date survey may be important to the potential buyers since there may be important information in the survey that is revealed perhaps as a result of significant renovations to the home. Legal representation is encouraged so that this matter and any alternatives are addressed.
HOME INSPECTION CLAUSE
There have been many cases where inspections and inspection clauses have caused significant issues during a real estate transaction. The wording of a “home inspection clause” is extremely important so that you minimize the chance of any home being put through a dragged out process which may involve legal issues. The last thing a seller is thinking about when placing their property on the market for sale are problems which can arise due to this “home inspection clause”. In a hot real estate market, the one thing the seller does not want to do is “tie up the property” due to one offer which issues involve this real estate clause.
Even though these legal considerations may not impact a seller during the process of selling their home, it is imperative that the situations above should not be overlooked or treated lightly.
Make sure that you have an experienced real estate lawyer on your side to protect your interests. My network of preferred vendors can easily recommend you up to three lawyers in this regard that will ensure your needs are protected during any real estate transaction.