If you’re ready to sell your property there is more to consider than you may know. Both the Federal and State governments mandate certain requirements in the form of disclosure laws. So before you hang out that “For Sale By Owner” sign you may want to seek the advice of a real estate attorney. If you have decided to try to sell the property on your own, without listing it with an agency, an attorney can tell you what you need to know to make sure that you have everything in order according to the law.
Disclosure laws outline the seller’s responsibilities to potential buyers. If you’re selling a home that was built after 1978 for instance, the Residential Lead-Based Paint Hazard Reduction Act of 1992, also known as Title X, requires that you make that information known. If you fail to do so and the buyer discovers your discrepancy he can sue for damages in a court of law.
In addition, you as the seller are required by law to make the buyer aware of any issues with the property that may be considered a drawback to the purchase. Your attorney can provide you with a government approved form where you can list any aspects of the property that may be a point of contention for the sale. He will explain that this includes anything of the sort that you know to be the case. The law does not make you accountable for any circumstance that you possibly could have known about.
The seller is not obliged to arrange for an inspection of the property, but it may be in your best interests to go ahead and have it done. That way you can avoid any big surprises that may arise as a result of the buyer’s own inspection, and you can take care of the need for any minor improvements before the property goes on the market. If you have the ear of a real estate attorney he can make you aware of everything that a home inspection will entail so that you can be ready for it.
Parker Lawyers are proficient in all areas of real estate law. Call 303-841-9525 today.
