Home Seller Obligations

By: Gloria Smith
Submitted: 2007-01-17 16:16:36
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If you think that as a home seller, your only responsibility is to turn over your house and its ownership title to the buyer, then you are mistaken. Your obligations as a seller go beyond that. You are responsible for the property the minute you decide to sell your house, to the day you hand over your keys (and even a few months after).

One of the most important duties you have as a seller is to disclose the true state and condition of your house. You cannot give misleading information to make your property more desirable to the market. You have to be very honest, and if possible, have the necessary documentation (receipts from contractors, inspectors reports) to support your claims. If the buyer had to shell out money to repair something you claimed is in working order (when in reality, it wasn’t), you could be made to reimburse the new owner the full cost. To be on the safe side, it is best that you ask an independent valuator or inspector to give you a full report on the condition of your property. Show this report to potential buyers and give them a photocopy of it, when they purchase your unit.

You should also take it upon yourself to inform the buyer of existing local rules and regulations that he should abide by. For example, if you pay home owners fees, you have to tell him how much and when this is due. You should also inform your local council or association that you will be moving and your home will be occupied by a new family.

If you have tenants, you should tell them of your plans to sell the house even before you contact a real estate agent, or put up a for-sale sign in your lawn. When you have sold the house, you should give them ample time to move out (1 to 3 months advance notice should suffice).

Incidentally, you should be completely decided about selling the property. Once you and your buyer sign the purchase agreement, you cannot back out from it. If you withdraw, the buyer can take you to court and have them enforce the agreement. In some occasions, they may even claim for losses. To protect yourself, it is advised that you consult your lawyer and ask that all legal responsibilities / obligations of a seller be discussed with you thoroughly.

LegalHomeForms.com provides downloadable real estate forms and contracts. Download a real estate sales agreement today.

Article source: Expert Articles

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