Have you decided to sell a house, apartment, or other real estate? Selling a property involves legal considerations everyone should know about. To ensure you do everything right, we have shared the guide on navigating the legal aspects of selling a property. Whether you decide to sell a house with a lis pendens or seek instructions on organizing the process right, this article highlights the legal responsibilities you should know about. It’s crucial to be aware that not following these legal processes can lead to potential risks and legal disputes. Let’s dive in!
Property Disclosure
Creating a property disclosure comes first on the list. When you decide to sell real estate and close the deal as soon as possible, you must provide potential buyers with accurate and complete information about your property. It’s not just a legal requirement but also an ethical responsibility. Being honest with a potential buyer means disclosing potential defects and issues with the property. Are there any issues with the ceiling, plumbing, or electrical systems? Hiding such details to earn more is hardly the best idea. It can lead to legal disputes with the buyer.
Choose a Solicitor
Professional help is essential when selling property, especially if it’s your first experience. A solicitor or a licensed conveyancer should provide you with the needed help in managing contacts, conducting local searches, transferring funds, etc. You can also rely on the professional help of companies that help clients sell their property. Relying on experts in the real estate field should help you sell your home or apartment safely and without mistakes.
Work on the Contract
A solicitor or a licensed conveyancer can also help you while working on the contract. It’s important to create a contract concerning all the legal aspects of writing such documents, ensuring that the buyers and the seller agree on the terms before it’s signed. As a rule, the contract includes such details as the sale price, property boundaries, fixtures and fittings included in the sale, and other details specific to the property you put on sale.
Responding to Pre-Contract Queries
Before the deal is sealed, the purchaser’s legal representative will forward a set of inquiries known as pre-contract queries. These could encompass property boundaries, ongoing disputes, and other pertinent details. It’s crucial to provide comprehensive and truthful responses with the guidance of your legal counsel.
Contract Exchange
Once both sides have satisfactorily addressed all queries, the contracts are ready for exchange. This marks when the commitment to purchase and sell the property becomes legally binding, and a completion date is agreed upon. Following this exchange, neither party can withdraw from the deal without facing potential legal consequences.
Finalizing the Transaction
Completion signifies the concluding stage in the property sale process. On the designated completion date, the buyer’s solicitor will transfer the funds for the property to your legal representative. Upon receipt of the funds, the keys are handed over to the new proprietor, and you relinquish legal ownership of the property.
